Allstate estimates $440m cat losses for May
Allstate, the largest publicly held personal lines insurer in the US, has estimated that its catastrophe losses for May will reach $440 million before tax or $286 million after tax.
The total was comprised of 11 events at an estimated cost of $400 million, pre-tax, with unfavourable reserve re-estimates of prior reported catastrophe losses.
Three severe weather events were responsible for over 78 percent of the estimated catastrophe losses for May events.
Allstate previously announced $280 million pre-tax or $182 million after-tax, in estimated catastrophe losses for the month of April 2014, bringing estimated catastrophe losses for the second quarter months of April and May 2014 to $720 million pre-tax or $468 million after-tax.
Last year, the insurer estimated May catastrophe losses of $323 million pre-tax or $210 million after-tax, and catastrophe losses totalling $539 million pre-tax or $350 million after-tax for April and May 2013.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk