Primary insurance giant The Allstate Corporation (Allstate) has announced estimated catastrophe losses of $417 million, pre-tax ($329 million after-tax), for the month of June, which takes the company’s second-quarter 2018 catastrophe losses to $906 million, pre-tax ($716 million after-tax).
Catastrophe losses in June included 16 events at an estimated cost of $384 million, pre-tax, plus some unfavourable reserve re-estimates of prior reported catastrophe losses.
Approximately 75% of Allstate’s June catastrophe losses were a result of three severe hail events, which primarily impacted Texas and Colorado.
According to Impact Forecasting, the severe weather events that affected the eastern two-thirds of the U.S. over June, 2018 are estimated to have caused around $4 billion of combined economic damage, $3 billion of which is expected to be covered by re/insurers.
Allstate announced pre-tax catastrophe losses of $211 million ($167 million after-tax) for the month of April, and $278 million, pre-tax ($220 million after-tax), for the month of May, taking its Q2 total to $906 million, pre-tax ($716 million after-tax).
This follows announced first-quarter 2018 catastrophe losses of $361 million, pre-tax ($285 million after-tax), which takes the company’s H1 2018 catastrophe losses to roughly $1.3 billion, pre-tax ($1 billion after-tax).
First-half catastrophe losses are down in 2018 when compared with last year, which totalled roughly $1.8 billion, pre-tax.