Allstate rocked by huge catastrophe losses

Top US insurer feels serious impact from hailstorm in California

Allstate rocked by huge catastrophe losses
by Timothy Montales

The Allstate Corporation has announced estimated catastrophe losses of US$403 million (approximately NZD$559 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.



Related stories:
Allstate CEO secures new job
Allstate battling NZ$37.7 million defamation award

Keep up with the latest news and events

Join our mailing list, it’s free!