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Axis counts the cost of recent natural disasters

  • by The Quotesonline Team

The Australian weather disasters and  Christchurch earthquake have been estimated to cost Axis Capital Holdings $US275-$US315 million ($271-310 million) this quarter. This is pre-tax and net of reinstatement premiums.

The Christchurch earthquake has been forecast by the group to cost between $US185-$US215 million ($182-$212 million) and Australian weather events between $US90-$US100 million ($88.7-$96.8 million). Axis estimates total industry losses to be in the region of $US8 -$US12 billion ($7.9-$11.8 billion) for New Zealand and over $US6 billion ($5.9 billion) for Australia in the first quarter.
As a comparison, industry estimates for the Japan eathquake are $US12-$US35 billion ($11.8-$34.5 billion). Axis says losses from its reinsurance business are not expected to exceed 1.3% of total industry loss. It says the net impact to its insurance business is not likely to exceed $US25 million ($24.6 million) due to reinsurance.

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