Allstate Estimates Catastrophe Losses For May 2020

Allstate Corporation has estimated that for the month of May 2020, it saw catastrophe losses of $350 million, pre-tax.

After tax, the insurer’s estimated losses for the month were pegged at $277 million.

The insurer said that catastrophe losses for the month were comprised of eight events, with a total estimated cost of $346 million, pre-tax ($273 million, after tax); the calculation also considered unfavorable prior period reserve re-estimates.

Notably, four severe weather events – which included rain, wind and hail events which mainly affected Texas and the Midwest – accounted for about 80% of the catastrophe losses recorded in May.

Previously, Allstate announced that for the month of April, it saw $632 million, pre-tax ($499 million, after tax) in estimated catastrophe losses.