22 June 2018Insurance

Allstate cat losses at $278m in May

US personal lines insurer Allstate Corporation estimated catastrophe losses for the month of May 2018 at $278 million, pre-tax ($220 million after-tax).

Catastrophe losses occurring in May comprised 12 events at an estimated cost of $224 million, pre-tax, plus unfavourable reserve re-estimates of prior reported catastrophe losses.

Two severe wind and hail events, primarily impacting Mid-Atlantic, Northeast and certain Midwest states, accounted for approximately 60 percent of May event catastrophe losses. The unfavourable reserve re-estimates primarily relate to anticipated assessments from the Texas Windstorm Insurance Association related to Hurricane Harvey.

Allstate previously announced $211 million, pre-tax ($167 million after-tax), in estimated catastrophe losses for the month of April 2018, bringing second quarter months of April and May 2018 to $489 million, pre-tax ($387 million after-tax).

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More on this story

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