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Axa estimated its total 2020 impact from Covid-19 for the group at EUR1.5bn, which it booked in the first half. -
The retro vehicle has only picked up a small share so far but this will grow.
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The P&C business posted a EUR167.9mn underwriting deficit on EUR380mn in Covid-19-related losses.
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The company confirmed it had bought $500mn of additional catastrophe aggregate.
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The departure comes after a 21% contraction in GWP at the unit in H1.
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Sussex and Versutus investors narrowed their loss from H1 2019.
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The insurer said it has substantial reinsurance cover available although none have been drawn on yet.
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Investment income fell by over 65%, weighing on improved underwriting results.
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The manager’s MGA operations boosted ILS revenue despite lower AuM.
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The reinsurer did not provide an updated Covid-19 loss estimate.
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Parent Lancashire fell to an underwriting loss for the first half after lifting its Covid-19 loss estimate to $42mn.
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The Australian carrier lifts its guidance on natural catastrophe claims to A$904mn ($644mn) from $850mn.
