Allstate reports 11 events cost $400 million in May catastrophe losses

The Allstate Corp. announced Thursday its catastrophe losses in May were US$440 million before tax, 78% of which were from three severe weather events.

“Catastrophe losses occurring in May comprised eleven events at an estimated cost of $400 million, pre-tax, plus unfavorable reserve reestimates of prior reported catastrophe losses,” Northbrook, Ill.-based Allstate stated in a press release. “Three severe weather events accounted for over 78% of the estimated catastrophe losses for May events.” All figures are in United States currency.

Allstate did not identify which three events accounted for more than 78% of May catastrophe losses. After taxes, Allstate’s catastrophe losses in May were US$286 million. The company had estimated cat losses in April of US$280 million before tax.

In May 2013, Allstate had estimated its catastrophe losses were US$323 million before taxes and US$210 million after taxes.

During the first three months of 2014, Allstate had reported catastrophe losses of US$445 million, up from US$359 million from the same period in 2013. Its property and liability premiums in Q1 2014 were US$6.97 billion.