Allstate Q1 nat cat tally tames to $731m versus prior year slaughter
US retail insurance giant Allstate got through the first quarter of 2024 on $731 million in pre-tax nat cat losses, well under half the stressed prior year Q1 tally.
March pre-tax nat cat losses of $328 million, down from $1.2 billion in Q1 2023, included six events tallying $343 million, offset by favourable adjustments to prior period estimates. Approximately 80% of the losses related to a single hail event, management said.
Figures imply a February pre-tax nat cat loss after PYD, not previously released for failing to break Allstate's reporting threshold, at a mere $127 million.
The prior year had been a shocker for Allstate along with most other retail homeowner and auto insurers, just as the industry was hit by the reinsurance market reset that had lifted not only prices, but retentions, leaving carriers to bear more of the weight of mid-sized and smaller events.
Allstate had reported a 3x increase in Q1 re-tax nat cats to nearly $1.7 billion, including the nearly $1.2 billion hit in March. Some 28 events had added to the tally.
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