Six weather events contribute to Allstate’s estimates cat losses in March
The Allstate Corporation has estimated its pre-tax catastrophe losses for March, a month that saw six events contribute to catastrophe claims.
Allstate estimated a loss of $252 million, or $54 million after-tax and anticipated reinsurance recoveries.
Catastrophe losses for the month came in at around $208 million, with another $44 million coming from increased prior period reserve estimates. One large wind and hail event accounted for approximately 55 percent of its total estimated catastrophe losses for the month.
Allstate said the nationwide aggregate reinsurance cover will offset $184 million of its losses.
Losses before reinsurance, subrogation recoveries and taxes for the first quarter of 2021 totaled $1.67 billion. This was partially offset by $1.08 billion in anticipated reinsurance and subrogation recoveries, meaning Q1 cat losses will amount to an estimated $466 million after-tax.
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