Allstate announces catastrophe losses

Allstate announces catastrophe losses

Allstate announces catastrophe losses by Timothy Montales

The Allstate Corporation has announced estimated catastrophe losses of $403 million pre-tax ($262 million after-tax), for May 2017, which were comprised of 14 events at an estimated cost of $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.

Celebrate excellence in insurance. Nominate a worthy colleague for the Insurance Business Awards.

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

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

Related stories:
Morning Briefing: Allstate to acquire consumer protection plan provider
Allstate, Travelers pounded by natural disasters