US cat streak rolls on: Allstate cat losses up 3.2x YTD
US P&C leader Allstate continues to suffer outsized cat losses in 2023, adding a hefty $799 million in pre-tax charges in April to keep the year-to-date count well over three times the prior year’s running tally.
A total of 12 April events added $872 million in losses before Allstate offset with some reserve releases for prior periods. Some 60% of the April losses could be traced to two wind and hail events.
The April sums bring the YTD tally to nearly $2.5 billion, after the Q1 tally of $1.7 billion, heavy at end-March, had hit 3.7x the prior year period.
With select major March events running to end-month marker, April was set for a notable sum.
But April delivered some of its own. For the full month, hail reports were up nearly 20% year on year and wind events up nearly 9%. Drama-seeking headlines may have missed it: tornadoes came in one at one half the prior year and one third below the three-year average.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
