Axis, Everest Re estimate catastrophe losses

Hurricane Harvey flooding in Spring, Texas

Two more firms have announced expected loss estimates for the recent string of catastrophes in September and October.

Axis Capital Holdings Ltd. expects to incur a loss of $617 million due to the weather events, or a net loss after tax of $578 million, the company said in a statement Thursday.

Axis said its insurance business would account for $315 million of the loss, while $302 million would be attributed to its reinsurance segment.

Meanwhile, Everest Re Group Ltd. said Friday that it expects losses of $1.2 billion, or a net of $900 million, which includes losses from hurricanes Harvey, Irma and Maria, as well as estimated losses from the earthquake events in Mexico.

Everest Re said its view of its losses from these events assumes an aggregate industry loss in the range of $100 billion for the quarter and is based on a combination of modeled information, underwriter analysis, preliminary client discussions, and a profile of exposed limits within the affected regions.

“Losses are arising from both the reinsurance and insurance segments,” Everest Re said in its statement. “There is considerable uncertainty in these estimates and it is expected that it will be several months before relative clarity emerges with respect to the underlying losses from these multiple events.”