16 June 2017Insurance

$403m cat losses hit Allstate in May

US personal lines insurer Allstate Corporation said June 15 that it estimates catastrophe losses for the month of May 2017 at pre-tax $403 million and $262 million after-tax, driven by a severe hail event in Colorado.

Catastrophe losses occurring in May comprised 14 events at an estimated cost of $392 million, pre-tax, plus unfavourable reserve re-estimates of prior reported catastrophe losses, the company said.

One severe hail event that occurred on May 8, 2017 in the state of Colorado accounted for over half of the catastrophe losses for events in May.

Allstate previously announced $235 million, pre-tax ($153 million after-tax), in estimated catastrophe losses for the month of April 2017, bringing estimated catastrophe losses for the second quarter months of April and May 2017 to pre-tax $638 million or $415 million after-tax.

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More on this story

1 June 2017   Allstate, Liberty Mutual and Travelers are on top of a list of insurers most exposed to what is expected to be an “above average” 2017 Atlantic hurricane season, CreditSights analysts wrote in a May 31 note.
2 August 2017   US personal lines insurer Allstate more than doubled operating and net incomes in the second quarter of 2017 on price hikes.