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Allstate reports $632mn cat losses for April

21st May 2020 - Author: Matt Sheehan

US primary insurer Allstate Corporation has announced an estimated $632 million in pre-tax catastrophe losses for April 2020.

Allstate logo newCatastrophe losses, which came out to $499 million after tax, were driven by six events over the month.

Together, these six events resulted in an estimated cost of $627 million pre-tax, or $495 million after tax.

The remainder of the loss was accounted for by unfavourable prior period reserve re-estimates.

Approximately 55% of estimated catastrophe losses in April were caused by two severe wind and hail events that impact roughly half of the states.

Allstate reported a 59.3% decrease in its net income for the first quarter of 2020, as the COVID-19 pandemic hit investments and premiums were returned to customer.

The crisis has already caused rating agency Fitch to downgrade the company’s outlook on the company to stable from positive.

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