Allstate reported $633 million in estimated pre-tax catastrophe losses for April, more than half of which came from three days of severe hailstorms in Texas.
After taxes, the number comes in at $411 million.
Allstate said that there were eight events in April that cost the property/casualty insurer an estimated $660 million pre-tax. But favorable reserve re-estimates of previously reported catastrophe losses helped partially offset this. The reserve re-estimates stem from March 2016 event report claims and severity that came in about 6 percent lower than anticipated.
Allstate’s Texas catastrophe costs for the month are due to hailstorms that struck the state from April 10-12, according to the insurer.
Texas storms were also a problem for Allstate in the 2016 first quarter. The insurer said that its pre-tax catastrophe losses for the quarter jumped to $827 million, nearly threefold compared to the same period a year ago.
Two severe hail events in March led to two-thirds of Allstate’s catastrophe loss for the period. As Reuters reported, the storms in question ranged from Texas to Florida, producing hail as big as 2.75 inches and violent thunderstorms.
Source: Allstate