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Axis Capital Holdings Ltd. on Tuesday said pretax losses for Japanese Typhoon Hagibis could range from $90 million to $110 million, net of estimated recoveries from reinsurance and retrocessional covers, and including the impact of estimated reinstatement premiums.
The loss estimate is based on ground-up assessment of losses from individual contracts and treaties exposed to the affected regions, including preliminary information from clients, brokers and loss adjusters, the insurer said in a Tuesday statement.
The insurer added its expected market share for the event is less than 1% and its estimates are consistent with those for industry insured losses of approximately $11 billion, the statement said.
Axis noted the actual net ultimate loss for the event may differ from the current estimate due to the complexity of loss assessment and the preliminary nature of the information available.
Typhoon Hagibis made landfall on Shizuoka, Japan, as a Category 2 equivalent system on Oct. 12. Initial loss estimates are in the billions of dollars.
Japan’s Typhoon Hagibis will generate between $8 billion and $16 billion in insured losses, with more with than half of the losses due to inland flooding, catastrophe modeler AIR Worldwide said Tuesday.