Allstate Corporation has released its estimates for catastrophe losses for the month of April.
The insurance company has pegged its pre-tax disaster losses in April at $632 million – $499 million after tax.
Allstate explained that catastrophe losses in April were comprised of six events, plus unfavorable prior period reserve re-estimates. About 55% of the estimated catastrophe losses were due to two severe wind and hail events; the insurer noted that these two events were so severe that they impacted roughly half of the states.
The estimates come after experts warned that the upcoming hurricane season could be brimming with storm events. With the identification of Tropical Storm Arthur – a storm system which developed even before the hurricane season began – earlier this month, meteorologists are concerned that it could be a sign of more frequent activity this year.