Allstate Says Estimated Catastrophe Losses At $885 Mln In May

(RTTNews) - The Allstate Corp (ALL) announced on Thursday that it has estimated catastrophe losses of $885 million for May. After-tax, the losses amount to $699 million. These losses were primarily driven by 12 events, totaling approximately $893 million.

Notably, two wind and hail events accounted for about 70 percent of the total losses. When combined with April's catastrophe losses, the total for April and May reaches $1.68 billion, on a pre-tax basis.

During May, the Allstate brand implemented a series of auto rate increases across 15 locations. These rate adjustments resulted in a premium impact of 1.6 percent for the brand.