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Axis reports $125M estimate in Q4 virus claims


Axis Capital Holdings Ltd. said Tuesday that its preliminary, fourth-quarter net claims estimate for COVID-19 is $125 million, pre-tax.

The Pembroke, Bermuda-based insurer and reinsurer said this is in addition to the $235 million estimate recognized in the first quarter.

It said the $125 million estimate was determined following an extensive review of potential exposures to the pandemic on all lines of business, both short and long tail, which considered new information provided by clients, global shelter-in-place orders that came into effect in the fourth quarter, and outcomes of recent court judgments, including the U.K. Supreme Court Ruling.

The company said its claims reserves provide for ultimate COVID-19-related losses across all lines of business incurred at Dec. 31.

Axis said separately other catastrophe and weather-related losses are in the $70 to $80 million range, pretax, including Hurricanes Zeta and Delta, and regional weather events in the United States.

The company’s results will be discussed during a Jan. 28 conference call.

More insurance and risk management news on the coronavirus crisis here.







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