Allstate Corp. Reports Estimated Catastrophe Losses For March Of $328 Mln

(RTTNews) - Insurer Allstate Corp. (ALL) announced Thursday estimated catastrophe losses for the month of March 2024 of $328 million or $259 million, after-tax. Total catastrophe losses for the first quarter were $731 million, pre-tax.

Catastrophe losses in March include six events estimated at $343 million or $271 million, after-tax, with approximately 80% of the losses related to one hail event, partially offset by favorable reserve reestimates for prior events.

Allstate said it rate increases for Allstate brand auto insurance resulted in a premium impact of 0.9% for the month of March and 2.4% year-to-date.

Meanwhile, rate increases for Allstate brand homeowners insurance have resulted in a premium impact of 0.7% for the month of March and 3.4% year-to-date.

The company said implemented rate increases and inflation in insured home replacement costs resulted in a 11.9% increase in homeowners insurance average gross written premium in March 2024 from last year.