The nation’s largest publicly-held personal lines insurer, Allstate Corp., announced estimated catastrophe losses of $820 million, pre-tax, for the second quarter 2012, which includes $440 million for June. Last July, Allstate reported estimated catastrophe losses for the second quarter 2011 of approximately $2.3 billion, pre-tax.
The catastrophe losses in the second quarter stemmed from 30 events at an actual estimated cost of $960 million, but this was partially offset by favorable re-estimates of prior reported catastrophes. Four events accounted for more than half of the estimated loss for the quarter.
Allstate releases monthly catastrophe losses when a monthly estimate exceeds $150 million.
Other insurers have been reporting their second quarter catastrophe experience as well.
Travelers said after-tax catastrophe losses had fallen to $357 million in the second quarter from $1.09 billion a year earlier
The Hartford said that it expects to report current accident year catastrophe losses of $280 million to $300 million before tax in the second quarter of 2012, compared to $447 million before tax in the second quarter of 2011.
Munich Re has estimated that global catastrophe insured losses for the property/casualty industry for the second quarter will total $12 billion, which is below the $19 billion average of the past 10 years.
Topics Catastrophe Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Best Agency to Work For – Overall Winner: Robertson Ryan Insurance 
‘Massive Legal Siege’ Against Social Media Companies Looms 
Trucking App Trucker Path Launches Retail Insurance Agency 
New York Hospital Insurer Files for Bankruptcy, Citing Child Sex Abuse Claims 
