Reinsurance News

Allstate cat losses total $544m in April

20th May 2021 - Author: Matt Sheehan

US primary insurer Allstate Corporation has announced estimated catastrophe losses for the month of April of $544 million, or $430 million after-tax.

Allstate logoCatastrophe losses in April comprised five events at an estimated cost of $490 million plus unfavorable prior period reserve estimates.

One large hail event, primarily impacting Texas and Oklahoma, accounted for approximately 60% of April estimated catastrophe losses.

Allstate previously disclosed that it would be tapping into its aggregate reinsurance cover for catastrophe losses sustained in February and March.

In March, gross losses from cat events totalled $1.67 billion, but Allstate said it would only incur around $466 million of these costs, with reinsurance and subrogation recoveries absorbing the remainder.

And in February, the insurer again recorded elevated gross cat losses of $1.3 billion, mostly due to the severe winter freeze in the US, which impacted Texas in particular.

However, net losses were recorded at just $567 million, reflecting anticipated reinsurance recoveries partially offset by reinstatement premiums.

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