November 6, 2019 / 5:11 PM / 16 days ago

AXA says H2 natural disaster claims to exceed usual levels

FILE PHOTO: A logo of insurer Axa is seen at the entrance of the company's headquarters in Brussels, Belgium March 5, 2018. REUTERS/Yves Herman/File Photo

PARIS (Reuters) - French insurer AXA said on Wednesday a spate of natural disasters could cost its AXA XL property and casualty unit 420 million euros more than usual in the second half of the year.

AXA, which is undergoing a deep restructuring following its acquisition of Bermuda-based insurer XL, reported a 5% rise in revenue over nine months of the year to 79.7 billion euros ($88.27 billion).

“Given a series of severe natural catastrophes, including Hurricane Dorian and Typhoons Faxai and Hagibis, AXA XL incurred an above average level of natural catastrophe claims ... mostly from reinsurance,” AXA said on Wednesday.

Natural disasters cost AXA about 2 billion euros in 2018.

Reporting by Maya Nikolaeva, Editing by Sarah White

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