Bermuda-based (re)insurer Axis Capital has estimated a loss bill of up to $105m following more first half losses.
The insurer reported a loss range between $90m and $105m for the June 2011 New Zealand aftershock and severe weather events in the US between April and May 2011.
The net impact of the New Zealand aftershock is expected to be between $30m and $35m, while US losses are estimated to be between $60m and $70m.
The estimates are net of reinsurance coverage, tax and reinstatement premiums.
In further news, Axis updated its loss estimates from first quarter losses after receiving further information. The insurer said it expects a negative net figure of $20m due to “an increase in the aggregate net loss estimate for first quarter catastrophes.”
The specialty lines insurer and treaty reinsurer said the new figures are based off its estimates of $3bn in industry losses for the June 2011 aftershock in New Zealand and $16bn for severe weather events in the US.
Axis also estimated the losses from the first quarter New Zealand losses has increased to $15bn, while Japan quake losses have decreased to $25bn to $30bn. Australian’s losses are estimated to be $6bn.