Axa expects a bill of natural disasters heavier

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AXA EXPECTS GREATER NATURAL DISASTER BURDEN INVOICE

PARIS (Reuters) – Axa said Wednesday that in the second half, natural disasters should cost its subsidiary Axa XL about 420 million euros more than usual because of the damage.

"In the third quarter of 2019 and at the beginning of the fourth quarter, a series of major natural disasters occurred, giving rise to a greater than average amount of claims at Axa XL," the French insurer said.

During a conference call, Gérald Harlin, Chief Financial Officer of Axa, explained that, on average, natural disasters cost his subsidiary XL about 750 million euros.

But in 2019, the bill will be heavier. The damage caused by Hurricane Dorian in late August and early September in the Bahamas and the United States amounted to the insurer to some 100 million.

The typhoon Faxai claims that hit Japan in September totaled around € 120 million, while those related to last month's typhoon Hagibis are estimated at around € 200 million.

Over the first nine months of the year, Axa saw its revenues grow by 5% to 79.7 billion euros.

Gerald Harlin said the group was "on track to achieve its goals" by 2020.

(Maya Nikolaeva and Matthieu Protard)

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