Allstate estimates catastrophe losses for May $885M

The Allstate Corporation announced estimated catastrophe losses for the month of May of $885 million or $699 million, after-tax. May month catastrophe losses include 12 events estimated at $893 million, with approximately 70% of the losses related to two wind and hail events, partially offset by favorable reserve reestimates for prior events. Total catastrophe losses for April and May were $1.68 billion, pre-tax. During the month of May, the Allstate brand implemented auto rate increases of 9.3% across 15 locations, resulting in total brand premium impact of 1.6%. “Allstate continued to implement significant auto insurance rate actions as part of our comprehensive plan to improve profitability. Since the beginning of the year, rate increases for Allstate brand auto insurance have resulted in a premium impact of 4.9%, which are expected to raise annualized written premiums by approximately $1.28 billion,” said Jess Merten, Chief Financial Officer of The Allstate Corporation. Our implemented auto rate exhibit has been posted on allstateinvestors.com.