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Allstate reports $544m of catastrophe losses and loss creep in April

May 20, 2021

US primary insurance carrier Allstate has reported $544 million of net catastrophe losses, largely caused by April’s severe US convective weather and hail storms, as well as some loss creep on previous events.

The insurer said that the $544 million of catastrophe losses reduces to $430 million after-tax.

Five catastrophe events hit Allstate during the month of April 2021.

The estimated cost from across all five catastrophe events is $490 million, but Allstate noted that one large hail event, primarily impacting Texas and Oklahoma, accounted for roughly 60% of the total hit in April.

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