Allstate announces May 2022 catastrophe losses of $436M, higher M/M

Jun. 16, 2022 8:33 AM ETThe Allstate Corporation (ALL)By: Khyathi Dalal, SA News Editor

Allstate Insurance buisness exterior in Houston, TX.

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  • The Allstate (NYSE:ALL) announced estimated catastrophe losses of $436M or $344M, after-tax for May which included 14 events, primarily wind and hail in Texas, the Midwest and Canada, estimated at $423M, plus unfavorable reserve re-estimates for prior period events.
  • Catastrophe losses for April and May totaled $752M, pre-tax; April's pretax catastrophe losses stood at $316M in April, or $250M after tax in April.
  • During May, the Allstate brand implemented rate increases of 9.3% across 13 locations, resulting in total Allstate brand insurance premium impact of 0.7%; it has implemented 78 rate increases averaging ~8.1% across 49 locations since Q4 2021.
  • Allstate brand implemented auto rate increases totaled $180M in May and $343M QTD, after implementing $1.6B in the previous two quarters.

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