Reinsurance News

Allstate announces $213mn in cat losses for May

17th June 2021 - Author: Charlie Wood

US primary insurer Allstate is braced for estimated pre-tax catastrophe losses of $213 million for May.

Allstate logoCat losses for April and May totaled $598 million, after-tax.

In May, Allstate says losses consisted of seven events, at an estimated cost of $193 million, plus unfavorable prior period reserve estimates.

Two large hail events, primarily impacting Texas, accounted for approximately 60% of May estimated catastrophe losses.

The company reported last month that it had incurred $1.4 billion loss in the first quarter of 2021, compared to net income of $513 million in the first quarter of 2020, driven by the sale of Allstate Life Insurance Company and Allstate Life Insurance Company of New York.

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The company also sustained gross catastrophe losses of $1.67 billion for the quarter, nearly eight times greater than 2020.

However these losses were offset by $1.08 billion of reinsurance and subrogation recoveries.

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