Allstate Estimates $325M in Incurred January Catastrophe Losses

Allstate Corp. said it incurred an estimated $325 million in catastrophe losses in January, partially offset by favorable claims reserve reestimates.

Source: Allstate | Published on February 16, 2024

cat losses Allstate

Allstate Corp. said it incurred an estimated $325 million in catastrophe losses in January, partially offset by favorable claims reserve reestimates.

Two events generated about 80% of the losses. The favorable reestimates lowered the monthly estimated pretax catastrophe losses to $276 million.

Insurers likely incurred hundreds of millions of dollars in losses, maybe more, after two powerful storm systems pounded most of the continental United States Jan. 8-10 and a third system started moving eastward, Aon said earlier.

Allstate’s net income applicable to common shareholders jumped to $1.46 billion from a $303 million net loss a year earlier.

Underwriting entities of Allstate Corp. currently have a Best’s Financial Strength Rating of A+ (Superior) to B (Fair).