AXIS Estimates Hurricane Ian Loss At $160 Million
AXIS Estimates Hurricane Ian Loss At $160 Million
Pre-tax catastrophe and weather-related losses totaling $212 million for the third quarter of 2022 have been reported by Bermuda-based re/insurer AXIS Capital, of which $160 million is attributable to Hurricane Ian.
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According to AXIS, excluding the National Flood Insurance Program, its net loss estimate for Ian is commensurate with industry-insured damages of about $60 billion.
The company’s insurance division reported results that included $13 million for other weather-related incidents and $100 million for Hurricane Ian.
At the same time, the reinsurance segment includes $60 million for Ian and $23 million for June European convective storms, and $16 million for other weather-related events.
AXIS Estimates Hurricane Ian Loss At $160 Million
The carrier notes that the net loss estimate for June European convective storms is consistent with industry-insured losses of approximately $7 billion, up from the previous $3 billion at the end of June 2022.
ALSO, READ AXIS Reports $22mn Fall In Q2 Operating Income
Other weather-related events primarily relate to regional weather events in the U.S., and typhoons in Asia.
For the third quarter of 2022, AXIS expects to report a small operating income.
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