AXIS Capital unveils disaster claims estimate for This fall

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AXIS Capital Holdings released a preliminary fourth quarter net loss estimate for catastrophe and weather-related events prior to the insurance group’s release of fourth quarter results on Jan. 28.

According to the Bermuda-based company, its estimate of net loss for the quarter is between $ 195 million and $ 205 million before tax. The range approximation is $ 125 million for COVID-19.

AXIS Capital lifted the cap on the coronavirus allotment, stating, “This amount was determined following a comprehensive review of potential exposures to the COVID-19 pandemic across all businesses, both short and long-tail, taking into account new information from customers, global shelter-in-place arrangements that went into effect in the fourth quarter, and results of recent court rulings, including the ruling by the United Kingdom Supreme Court.

“This is in addition to the estimate of $ 235 million recorded in the first quarter. The company determined that its loss reserves for all business areas that arose as of December 31, 2020 foreseen definitive losses related to COVID-19. “

Meanwhile, estimated losses of $ 70 million to $ 80 million for other catastrophe and weather-related losses in the fourth quarter include losses related to Hurricanes Zeta and Delta.

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