AXIS ADDS $125M TO COVID-19 LOSS ESTIMATE IN Q4

Bermuda-based Axis Capital Holdings said its fourth quarter results will include around $200m in losses from natural disasters and pandemic claims. The estimate includes $125m of additional Covid-19 related claims related to fourth quarter lockdowns and outcomes of recent court judgments, including the UK Supreme Court ruling in the business interruption test case. The fourth quarter estimate is in addition to the $235m of Covid-19 related losses recognised in the first quarter. Weather-related losses in the quarter ranged between $70m to $80m, and included Hurricanes Zeta and Delta, and regional weather events in the US. Excluding catastrophe losses, Axis said improvements in the current accident year loss ratios observed earlier in 2020 were continuing.