Allstate Says 60% of June Insured Cat Losses Came from Texas

Announcing total estimated catastrophe losses for June, Allstate Corporation attributed 60 percent of those losses to four severe wind and hail weather events that primarily impacted Texas.

Allstate estimated catastrophe losses for the month of June 2019 of $309 million, pre-tax ($244 million, after-tax). Catastrophe losses occurring in June comprised 16 events at an estimated cost of $311 million, pre-tax ($246 million, after-tax), partially offset by favorable reserve reestimates of prior period catastrophe losses.

Allstate previously announced $763 million, pre-tax ($603 million, after-tax), in estimated catastrophe losses for the months of April and May 2019, bringing estimated catastrophe losses for the second quarter 2019 to $1.07 billion, pre-tax ($847 million, after-tax).

Texas Beset by Hailstorms in June

The Insurance Council of Texas has reported that hailstorms were frequent and widespread in the state during June.

Hail the size of pennies and larger reported on 16 of the 30 days during June in various parts of the state. The Texas panhandle, west Texas, northeast Texas and central Texas appeared to receive the brunt of the month’s hailstorms.

The ICT said Coleman, a town near Abilene, got clobbered on June 19 with softball size hail. Just a month earlier, tornadoes caused heavy damage near the same area.

In 2016, Texas experienced 45 days of hailstorms occurring somewhere in the state during the months of April and May making Texas home to the costliest hail losses in the country. San Antonio suffered the state’s costliest hailstorm with $1.4 billion in losses.

Topics Catastrophe Texas Profit Loss