Bermudian re/insurer Axis Capital Holdings Ltd has estimated a loss of up to $110 million related to Typhoon Hagibis.

Hagibis hit Japan last month and was the most devastating typhoon to hit the country’s Kanto region since 1958.

Axis said today that its preliminary estimate for the event was a pre-tax loss in the range of $90 million to $110 million, net of estimated recoveries from reinsurance and retrocessional covers, and including the impact of estimated reinstatement premiums.

The company’s loss estimate is consistent with industry insured losses of approximately $11 billion and its expected market share of less than 1 per cent for this catastrophe event.

Axis added that the actual net ultimate loss for this event may differ materially from this current estimate.