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Allstate’s June cat losses hit $154m, bringing Q2 total to $752m

16th July 2021 - Author: Matt Sheehan

US primary insurer Allstate has announced estimated catastrophe losses for the month of June of $195 million or $154 million, after-tax.

Allstate logoTogether with losses of $598 million between the months of April and May, this brings Allstate’s total catastrophe losses for the second quarter of 2021 to $752 million, after-tax.

Catastrophe losses in June comprised 11 events at an estimated cost of $178 million plus unfavorable prior period reserve estimates.

Three large wind, hail and rain events, primarily impacting the Midwest, accounted for approximately 70% of June estimated catastrophe losses.

Allstate incurred $1.4 billion loss in the first quarter of 2021, compared to net income of $513 million in the first quarter of 2020, driven by the sale of Allstate Life Insurance Company and Allstate Life Insurance Company of New York.

RMS

The company also sustained gross catastrophe losses of $1.67 billion for the quarter, nearly eight times greater than 2020. However these losses were offset by $1.08 billion of reinsurance and subrogation recoveries.

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