Allstate: Texas Hail Event Accounts for Half of April Cat Losses

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