Allstate pegs $632m catastrophe losses for April

US insurance company The Allstate Corporation has estimated $632 million pre-tax catastrophe losses for April 2020.

Catastrophe losses occurring in April comprised six events at an estimated cost of $627 million, pre-tax, plus unfavorable prior period reserve re-estimates.

Allstate said almost 55 percent of estimated catastrophe losses were due to two severe wind and hail events impacting roughly half of the states.

The company reported a decline of 59.2 percent in its net profits in the first quarter of 2020, driven by net realised capital and investment losses.

Earlier in March, ratings agency Fitch revised the outlook of Allstate to stable from positive, reflecting the significant uncertainty created by the global coronavirus pandemic.