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.

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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