Allstate Catastrophe Loss Estimates Rise Sharply in May | Insurance business America
The numbers are almost three times higher than in April…
Disaster and flood
By Terry Gangcuangco
Allstate Corporation has released its catastrophe loss estimate for May 2024, reporting a nearly tripling increase compared to April.
Allstate’s estimated catastrophe losses for May were $1.40 billion (after taxes, $1.10 billion). In April, the corresponding amounts were $494 million and $390 million, respectively.
In the first quarter, pretax catastrophe losses for Allstate were estimated at $731 million.
Of the May figures, the insurer noted: “Catastrophe losses included 14 events estimated at $1.48 billion, with approximately 70% of losses coming from five wind and hail events, primarily in Texas, Colorado and Illinois.”
“Total catastrophe losses were $1.89 billion before taxes in April and May, and total catastrophe losses in May year-to-date were $2.62 billion before taxes.”
“Given the extent of damage and exposure centers affected by the event, it is highly likely that the event will result in billions of dollars in losses,” Aon noted last month, referring to the derecho. “Additional, notable impacts were caused by thunderstorm activity.”
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2024-06-21 12:13:03
www.insurancebusinessmag.com
