The Allstate Corporation, one of the largest primary insurers in the U.S, has estimated that its catastrophe losses for the month of May 2018 were $278 million, pre tax ($220 million after-tax).
The pre-tax figure consists of $224 million in losses from 12 catastrophe events over the month of May, in addition to an unfavourable reserve re-estimate for previous reported catastrophe losses.
Around 60% of Allstate’s May event catastrophe losses were caused by two severe wind and hail events that primarily impacted Mid-Atlantic, Northeast, and certain Midwest states.
Allstate said the unfavourable reserve re-estimates relate primarily to anticipated assessments from the Texas Windstorm Insurance Association (TWIA) regarding Hurricane Harvey.
The company had previously estimated that catastrophe losses for the month of April 2018 totalled $211 million, pre-tax ($167 million after-tax).
The combined total for Allstate’s catastrophe losses in the second quarter months of April and May 2018 is now $489 million, pre-tax ($387 million after-tax).