Yesterday, AXIS Capital Holdings Ltd. (AXS) provided its preliminary loss estimates from the earthquake in Chile and the European Windstorm Xynthia.
AXIS Capital announced that it expects to incur net losses between $60 million and $125 million for the earthquake. The 8.8 magnitude earthquake that occurred off the coast of the Maule Region of Chile on Feb 27 has left over 497 dead and hundreds missing. Industry insured losses for the earthquake is estimated between $4 billion and $8 billion.
In addition, AXIS Capital’s initial estimate of losses from the European Windstorm Xynthia ranges between $10 million and $20 million. Industry losses for the storm are projected between $2 billion and $4 billion. The net loss estimates are provided on a pre-tax basis and net of reinstatement premiums.
Xynthia, the violent European windstorm, crossed Western Europe on Feb 26 – 28. Several places were flooded and a seawall in France was breached. Around 63 people died throughout Europe, including 52 in France alone. Germany, Spain, Portugal and Belgium also felt the brunt.
AXIS Capital joins other reinsurers such as Everest Re Group Ltd. (RE) and PartnerRe Ltd. (PRE) who have provided their preliminary loss estimates from these two catastrophes last week.
Everest Re expects to incur $225 million of losses for the earthquake in Chile and around $25 million from the European Windstorm Xynthia. Everest Re’s loss estimates are net of tax and reinstatement premiums.
PartnerRe also expects initial claims related to the earthquake in Chile to be around $220 million to $320 million on a pretax basis. Claims relating to Windstorm Xynthia are expected to be between $40 – $70 million pre-tax. PartnerRe’s loss estimates are net of reinstatement premium and retrocession.
Read the full analyst report on “AXS”
Read the full analyst report on “RE”
Read the full analyst report on “PRE”
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