Bermuda-based re/insurer AXIS Capital has announced pre-tax catastrophe and weather-related losses of $212 million for the third quarter of 2022, of which $160 million relates to Hurricane Ian.
AXIS says that its net loss estimate for Ian is consistent with industry insured losses of roughly $60 billion, excluding the National Flood Insurance Program.
The firm’s insurance segment’s results include $100 million for Hurricane Ian and $13 million for other weather-related events.
At the same time, the reinsurance segment includes $60 million for Ian and $23 million for June European convective storms, and $16 million for other weather-related events.
The carrier notes that the net loss estimate for June European convective storms is consistent with industry insured losses of approximately $7 billion, up from the previous $3 billion at the end of June 2022.
Other weather-related events primarily relate to regional weather events in the U.S., and typhoons in Asia.
For the third quarter of 2022, AXIS expects to report a small operating income.
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