Prior to reporting second-quarter results later this month, Allstate said today it expects slightly lower catastrophe losses in the second quarter, and estimated the bill to be nearly $2 billion.
In reporting monthly catastrophe losses, Allstate estimated $619 million from June, or $489 after tax. The Northbrook, Illinois-based insurer said the losses were from 15 total events during the months, but 70% of the loss total were from three wind and hail events.
For the second quarter, Allstate said losses of $1.99 billion are expected, or about $1.6 billion after tax. Pretax catastrophe losses were about $2.1 billion in the second quarter 2024.
Allstate absorbed a record $3.3 billion of gross catastrophe losses in the first quarter, partially offset by $1.1 billion of reinsurance recoveries for a net of $2.2 billion.
First-quarter net income applicable to common shareholders fell more than 52% to $566 million. About $1.8 billion of catastrophe losses were attributed to California wildfires and March wind events.
Topics
Catastrophe
Profit Loss
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