Four events accounted for majority of estimated cat losses in April: Allstate

Four wind/hail weather events accounted for more than 90% of Allstate Corporation’s estimated catastrophe losses for April, the insurer reported on Thursday.

The Northbrook, Ill.-based company reported that the estimated catastrophe losses for the month of April were US$273 million, pretax (US$177 million after tax). “Catastrophe losses occurring in April comprised six events at an estimated cost of $256 million, pre-tax, plus increased reserve re-estimates of prior reported catastrophe losses,” Allstate said in a statement.

The estimated loss amount scenario was similar to Allstate’s estimate in February, when three severe winter weather/freeze events accounted for the lion’s share of the estimated US$223 million (pre-tax) in catastrophe losses (US$145 million after tax). These three severe weather events accounted for more than 88% of the estimated loss for February events, Allstate reported at the time. “Catastrophe losses occurring in February comprised seven events at an estimated cost of US$224 million, pre-tax, partially offset by favourable reserve re-estimates of prior reported catastrophe losses,” noted the company.

Related: Severe winter weather drives Allstate’s estimated cat losses for February

Estimated cat losses for the first quarter months of January and February 2015 totalled US$225 million (pre-tax) and US$146 million (after-tax).

Allstate is the largest publicly held personal lines insurer in the United States whose brand’s network of small businesses offers auto, home, life and retirement products and services in Canada and the U.S.