Allstate’s Catastrophe Losses Topped $780 Million in Q1

The Allstate Corp. announced estimated catastrophe losses for the month of March 2017 of $516 million, pre-tax ($335 million after-tax), and an estimated $781 million, pre-tax ($508 million after-tax), for first quarter 2017.

Catastrophe losses occurring in the first quarter of 2017 comprised 28 events at an estimated cost of $777 million, pre-tax, plus unfavorable reserve re-estimates of prior reported catastrophe losses.

The company said one severe hail event, primarily affecting the state of Texas in March, accounted for over one-third of the catastrophe losses for the quarter.

Last year around this date, Allstate Corp. announced estimated catastrophe losses for March of $638 million pre-tax, and an estimated $827 million pre-tax for first quarter 2016, in the wake of severe hailstorms in the southwestern and southern U.S.

Allstate ended 2016 with a solid profit thanks to premium hikes and tighter underwriting, despite a $853 million jump in catastrophe losses over the previous year. The property/casualty insurer ended up with more than $2.5 billion in catastrophe losses for 2016, compared to $1.7 billion in 2015, reflecting a jump of nearly 50 percent.

Allstate expects to file its first quarter 2017 results on May 2.