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Insurer and reinsurer Axis Capital Holdings Ltd. said on Thursday that it expects losses in the range of $100 million to $120 million from Hurricane Michael, which hit the southeastern United States last month.
The pretax loss estimate is net of reinsurance and retrocessional coverage and includes estimated reinstatement premiums, the Bermuda-based insurer said in a statement.
Axis said its loss estimate “is consistent with industry insured losses of approximately $10 billion.”
Hurricane Michael made landfall in the Florida panhandle on Oct. 10 as a Category 4 storm. While it is one of the most intense hurricanes on record to make landfall in the United States, it did not hit a major population area and insurance losses were limited.
(Reuters) — Rescuers used heavy equipment to clear debris in the Florida Panhandle towns hit hardest by Hurricane Michael, searching for survivors amid expectations the death toll of 12 from the powerful storm likely will climb.