The Allstate Corp. announced estimated catastrophe losses for the month of April 2016 of more than $600 million, pre-tax ($411 million after-tax). Half of the losses stem from one severe hail event in Texas last month.
Catastrophe losses occurring in April comprised eight events at an estimated cost of $660 million, pre-tax, partially offset by favorable reserve re-estimates of prior reported catastrophe losses. The severe hail event that occurred April 10-12, 2016, in Texas accounted for over half of the catastrophe losses for April events.
The reserve re-estimates primarily relate to lower than anticipated reported claims and severity for March 2016 events and represent a 6 percent change in the previously reported estimated catastrophe losses for March 2016 events.
Source: Allstate Corp.
Topics Texas Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
A Little Behind Schedule, But Execs Say Sypher Insurance is on Track for May Debut 
Sources: US Treasury to Consult With Insurance Regulators on Private Credit Lenders 
Meta Loses Insurance for Defense in Major Social Media Addiction Litigation 
Tennessee Approves Smallest Drop in Workers’ Compensation Costs in Years 
