Allstate estimates $440m cat losses for May

Allstate, the largest publicly held personal lines insurer in the US, has estimated that its catastrophe losses for May will reach $440 million before tax or $286 million after tax.

The total was comprised of 11 events at an estimated cost of $400 million, pre-tax, with unfavourable reserve re-estimates of prior reported catastrophe losses.

Three severe weather events were responsible for over 78 percent of the estimated catastrophe losses for May events.

Allstate previously announced $280 million pre-tax or $182 million after-tax, in estimated catastrophe losses for the month of April 2014, bringing estimated catastrophe losses for the second quarter months of April and May 2014 to $720 million pre-tax or $468 million after-tax.

Last year, the insurer estimated May catastrophe losses of $323 million pre-tax or $210 million after-tax, and catastrophe losses totalling $539 million pre-tax or $350 million after-tax for April and May 2013.