Allstate Corp. estimated that it had $440 million in pre-tax catastrophe losses for the month of May 2014 鈥攐r $286 million after taxes.
The Northbrook, Ill.-based company said 11 events contributed to May losses, at an estimated cost of $400 million. The rest of the pre-tax losses were attributable to unfavorable reserve re-estimates of prior reported catastrophe losses.
Three severe weather events accounted for 78 percent of the estimated catastrophe losses for May events, Allstate said.
The company previously announced $280 million, pre-tax ($182 million after-tax), in estimated catastrophe losses for the month of April 2014, bringing estimated catastrophe losses for the second quarter months of April and May 2014 to $720 million, pre-tax ($468 million after-tax).
Last year, Allstate announced estimated May catastrophe losses of $323 million, pre-tax ($210 million after-tax), and catastrophe losses totaling $539 million, pre-tax ($350 million after-tax) for April and May 2013.
Topics Catastrophe Profit Loss
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