Reinsurance News

Allstate estimated cat losses for April at $631m

18th May 2023 - Author: Kassandra Jimenez-Sanchez

U.S. primary insurer Allstate has announced estimated catastrophe losses for April of $799 million or $631 million, after tax.

Allstate logoApril cat losses include 12 events estimated at $872 million, with approximately 60% of the losses related to two wind and hail events.

This was partially offset by favourable reserve estimates for prior events, the insurer explained.

During the month of April, the Allstate brand implemented auto rate increases of 8.6% across 13 locations, resulting in a total brand premium impact of 1.6%.

Last month, the insurer released a report estimating cat losses for the first quarter of 2023 totalled $1.69 billion, pre-tax, with cat losses for March alone standing at $1.17 billion or $927 million, after tax.

AmericanAg - Global Reinsurance Solutions

Cat losses for March events were estimated at $1.26 billion, related to 10 events, with approximately 75% of the losses related to three wind events; partially offset by favourable reserve re-estimates for prior events.

Jess Merten, Chief Financial Officer of The Allstate Corporation, said: “Allstate continued to implement significant auto insurance rate actions as part of our comprehensive plan to improve profitability.

“Since the beginning of the year, rate increases for Allstate brand auto insurance have resulted in a premium impact of 3.3%, which are expected to raise annualised written premiums by approximately $862 million.”


Print Friendly, PDF & Email

Recent Reinsurance News