AXIS Capital Holdings Ltd has announced its preliminary estimate of catastrophe and weather-related pre-tax losses for the second quarter of 2016. This amounts to US$104m, with US$71m from major natural catastrophes and US$33m from weather events.
The firm was involved in 20 events globally, with estimated industry losses exceeding US$19bn, divided into approximately US$11bn from major natural catastrophes and US$8bn from weather events.
Major natural catastrophes include the Fort McMurray, Canada wildfires, earthquakes in Japan and Ecuador, and floods in Europe. Weather events include multiple US events, including Texas hailstorms.
The figures come from both insurance and reinsurance segments of AXIS Capital. With US$41m coming from the insurance segment, while US$63m was from the reinsurance side.
The loss estimate is based on the company’s ground-up assessment of losses from individual contracts and treaties exposed to the affected regions. It also includes preliminary information from clients, brokers and loss adjusters.
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