Allstate takes huge catastrophe loss

One of the giants of the insurance world feels a significant impact from a Californian hailstorm

Allstate takes huge catastrophe loss
by Timothy Montales

The Allstate Corporation has announced estimated catastrophe losses of US$403 million (approximately SGD$558 million) pre-tax (US$262 million after-tax), for May 2017, which were comprised of 14 events at an estimated cost of US$392 million pre-tax, plus unfavorable reserve re-estimates of prior reported catastrophe losses.

Among those events was a severe hailstorm in Colorado on May 8, which accounted for over half of May’s catastrophe losses.

Previously, Allstate announced US$235 million pre-tax (US$153 million after-tax) catastrophe losses for April 2017, bringing the estimated catastrophe losses for April and May 2017 to US$638 million pre-tax (US$415 million after-tax), as reported in an article by PR Newswire.

The Allstate Corporation is the USA’s largest publicly held personal lines insurer, protecting approximately 16 million households.

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