Allstate Reports Second Quarter Pretax Catastrophe Losses of $2.1B

Allstate Corp. said it recorded pretax catastrophe losses of about $2.1 billion in the second quarter.

The Northbrook, Illinois-based insurer on July 18 said the total included $230 million of pretax catastrophe losses for the month of June from 18 events—primarily wind and hail.

Allstate reported pretax catastrophe losses of about $1.4 billion in May from mostly wind and hail claims in Texas, Colorado, and Illinois. The insurer previously announced April estimated catastrophe losses of $494 million.

Losses for the second quarter are estimated at $182 million after tax. Total year-to-date catastrophe losses as of June 30 are about $2.9 billion pretax, or about $2.3 billion after tax.

Second quarter 2023 financial results for Allstate included net catastrophe losses of $2.7 billion, resulting in a net loss for the period of $1.4 billion.

Topics Catastrophe Profit Loss