Reinsurance News

Allstate expecting $235m pre-tax catastrophe loss for July

15th August 2019 - Author: Charlie Wood

US primary insurer Allstate Corporation has reported an estimated $235 million pre-tax catastrophe loss for the month of July ($186 million, after-tax).

Allstate logo newThe figure represents a drop from the $311 million pre-tax figure reported for June, when the company was hit by losses from 16 events, including four severe wind and hail weather events

Allstate’s July estimate consists of ten events totalling around $186 million, pre-tax ($147 million, after-tax), plus unfavourable reserve re-estimates of prior period catastrophe losses.

One severe hail event, primarily impacting Colorado, accounted for approximately 40% of July event estimated catastrophe losses.

Meanwhile, an increase in the reserve re-estimates in July was primarily related to a severe weather event in May that included tornadoes, wind and hail.

The insurer last month released its results for the second quarter of 2019, showing net income growth of 18.7% when compared to the same period in 2018.

This was despite the impact of heavy cat losses on the company’s performance, which totalled $1.07 billion for the quarter, up from $906 million the previous year.

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