Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 286

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 286
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%8 %5 %Marine and aviation614,826 16 %567,292 16 %479,499 15 %8 %18 %Accident and health360,894 9 %306,061 9 %209,548 7 %18 %46 %Credit and political risk151,070 4 %125,534 4 %102,419 3 %20 %23 %Total$3,926,036 100 %$3,461,700 100 %$3,134,155 100 %13 %10 %

Net premiums earned in 2024 increased by $464 million, or 13%, compared to 2023. The increase was primarily driven by increases in gross premiums earned in property, accident and health, marine and aviation, and credit and political risk lines, together with decreases in ceded premiums earned in professional lines and cyber lines. These amounts were partially offset by increases in ceded premiums earned in property, credit and political risk, accident and health, and marine and aviation lines together with decreases in gross premiums earned in professional lines and cyber lines.

67

Loss Ratio

The components of the loss ratio were as follows:

Year ended December 31,2024% PointChange2023% PointChange2022Current accident year loss ratio57.6 %2.6 55.0 %(2.5)57.5 %Prior year reserve development ratio(0.4 %)(5.5)5.1 %5.6 (0.5 %)Loss ratio57.2 %(2.9)60.1 %3.1 57.0 %

Current Accident Year Loss Ratio

The current accident year loss ratio increased to 57.6% in 2024 from 55.0% in 2023. The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses. 

During 2024, catastrophe and weather-related losses, net of reinsurance, were $216 million, or 5.5 points, including natural catastrophe and weather-related losses of $203 million, or 5.2 points, primarily attributable to Hurricanes Milton, Helene, and Beryl, and other weather-related events. The remaining losses of $13 million, or 0.3 points were attributable to the Red Sea Conflict.