The Allstate Corporation has announced that its estimated catastrophe losses for the month of May 2019 were $473 million, pre-tax ($374 million, after-tax).
Catastrophe losses occurring in the month comprised 14 events at an estimated cost of $504 million, pre-tax ($398 million, after-tax).
This was offset by favourable reserve re-estimates of prior period catastrophe losses, Allstate explained.
One severe weather event which included tornadoes, wind and hail, and primarily impacting the Midwest, accounted for approximately 50% of the insurer’s catastrophe losses in May.
Combining the April and May estimates puts the company’s combined Q2 catastrophe losses so far at $763 million, pre-tax ($603 million after-tax).
This figure is already higher than Allstate’s total catastrophe losses in the first quarter of 2019, which were pegged at $680 million, pre-tax ($537 million, after-tax).
