Reinsurance News

Allstate announces combined Jan & Feb catastrophe loss of $299 million

21st March 2019 - Author: Luke Gallin

The Allstate Corporation has announced that ten events drove the large majority of an estimated pre-tax catastrophe loss of $151 million ($119mn after-tax) for the month of February, 2019.

Allstate logo newOf the ten catastrophe events, a wind event that primarily impacted Pennsylvania, Ohio, and New York, accounted for roughly 60% of the loss total.

Catastrophe events in February totalled an estimated $140 million for Allstate, with the remainder coming from unfavourable reserve reestimates of prior period cat losses.

Combined, Allstate’s January and February 2019 catastrophe loss estimate sits at $299 million pre-tax ($236mn after-tax).

Analysts at Credit Suisse note that Allstate’s combined Jan and Feb cat loss of $299 million is below its $351 million estimate, which is based on a historical monthly cat load distribution. Analysts say this suggests first-quarter 2019 catastrophe levels are trending better than consensus estimates for the period.

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