Allstate estimates almost $1bn cat losses for April & May

US insurer Allstate has estimated catastrophe losses for the month of May of $350 million pre-tax ($277 million after-tax).

Catastrophe losses occurring in May comprised eight events at an estimated cost of $346 million pre-tax ($273 million after-tax), plus unfavorable prior period reserve re-estimates.

Four severe weather events which included rain, wind and hail, primarily impacting Texas and the Midwest, accounted for approximately 80 percent of May estimated catastrophe losses.

Allstate previously announced $632 million pre-tax ($499 million after-tax), in estimated catastrophe losses for the month of April 2020, bringing estimated catastrophe losses for the months of April and May 2020 to $982 million pre-tax ($776 million after-tax).