US primary insurer Allstate has announced that its estimated catastrophe losses for February 2024 were under the $150 million reporting threshold, which is down on the $241 million of cat losses seen in February of last year.
Last month, Allstate announced estimated catastrophe losses of $325 million for January 2024, which the insurer noted was mostly driven by two events that comprised approximately 80% of the losses.
Full year 2023 catastrophe losses were $5.6 billion for the firm, up from $3.1 billion in 2022.
Looking back at their results for the fourth quarter of 2023, Allstate posted net income applicable to common shareholders of $1.5 billion, a substantial increase compared to a loss of $303 million in the same quarter of 2022.
According to today’s announcement, Allstate brand auto insurance policies experienced a rate increase that had a premium impact of 0.1% for February, with a year-to-date change of 1.5%.
At the same time, homeowners insurance under the Allstate brand saw a more noteworthy rate increase, resulting in a premium impact of 2.4% for February and 2.7% for the year so far.
Allstate also noted that implemented rate increases and inflation in insured home replacement costs resulted in a 12.4% increase in homeowners insurance average gross written premium in February 2024, compared to the previous year.
