Allstate catastrophe losses estimate surges in May

The Allstate Corporation has published its catastrophe losses estimate for May 2024, reporting a near-tripling compared to April.

Allstate’s estimated catastrophe losses for the month of May amounted to $1.40 billion (after tax, $1.10 billion). In April, the corresponding sums were $494 million and $390 million, respectively.

In the first quarter, pre-tax catastrophe losses for Allstate were estimated at $731 million.

For the May figures, the insurer noted: “Catastrophe losses included 14 events estimated at $1.48 billion, with approximately 70% of the losses related to five wind and hail events, primarily in Texas, Colorado, and Illinois.

“Total catastrophe losses for April and May were $1.89 billion, pre-tax, and total catastrophe losses for May year-to-date were $2.62 billion, pre-tax.”

“Given the extent of damage and the exposure centers hit by the event, it is very likely that the event will result in losses in the billions of US dollars,” Aon noted last month, referring to the derecho. “Additional, noteworthy impacts were caused by the thunderstorm activity.”

What do you think about this story? Share your thoughts in the comments below.