Hurricane

The carrier’s catastrophe losses rose to $501mn from $397mn in Q3 last year

Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.

The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.

The figure – which included $440mn in losses from Hurricane Ida and $210mn from severe flooding in Europe – exceeds the $617mn in claims in the third quarter of 2017.

The accumulation of cat losses have taken a toll on carrier’s aggregate reinsurance covers, which could set up 1 January renewals for such treaties to be as difficult as last year.

The first pieces of solid risk loss information are coming to light following the storm, for which loss emergence has been slow.

The storm is forecast to strengthen to near major hurricane strength before landfall but is currently clear of trigger levels on a cat bond protecting the country.

The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.

Modelling firms say their data shows events like Hurricane Ida should be anything but a surprise.

From now on, per-event retentions for second and third events will lower to $55mn for hurricane and earthquake perils.

The Eurekahedge ILS Advisers suffered its steepest August fall on record.

The lower-than-expected losses so far from Ida do not stack up against what is thought to be a $30bn+ cat event.