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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.
The company’s results will be discussed during a Jan. 28 conference call.
More insurance and risk management news on the coronavirus crisis here.
Axis Capital Holdings Ltd. estimates it will pay first-quarter catastrophe-related claims of $300 million, including $235 million in COVID-19 claims based on global shelter-in-place orders remaining in effect through July 31, 2020.