Reinsurance News

Allstate estimates $361mn of pre-tax catastrophe losses in Q1

20th April 2018 - Author: Luke Gallin

Primary insurance giant Allstate has announced estimated pre-tax catastrophe losses for the first-quarter of 2018 of $361 million ($285mn after-tax), with the majority of this occurring in the month of March.

Allstate logoThe insurer expects catastrophe losses in March alone to reach $222 million pre-tax ($175 million after-tax), which amounts to approximately 62% of its total Q1 catastrophe loss estimate.

Furthermore, Allstate explains that one wind-driven event that primarily impacted Mid-Atlantic and Northeast states accounted for more than 55%, or $122 million pre-tax ($96mn after-tax) of its estimated March catastrophe losses.

The primary player said that 11 catastrophe events occurred in the first-quarter of 2018, resulting in an estimated pre-tax cost of $357 million, plus unfavourable reserve re-estimates of prior reported catastrophe losses.

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