The Allstate Corporation announced $440 million of estimated pre-tax catastrophe losses for the month of May 2014 last week (or $286 million after taxes).

The Northbrook, Ill.-based company said 11 events contributed to May losses, at an estimated cost of $400 million. The rest of the pre-tax losses were attributable to unfavorable reserve reestimates of prior reported catastrophe losses.

Three severe weather events accounted for over 78 percent of the estimated catastrophe losses for May events, Allstate said.

The company previously announced $280 million, pre-tax ($182 million after-tax), in estimated catastrophe losses for the month of April 2014, bringing estimated catastrophe losses for the second quarter months of April and May 2014 to $720 million, pre-tax ($468 million after-tax).

Last year, Allstate announced estimated May catastrophe losses of $323 million, pre-tax ($210 million after-tax), and catastrophe losses totaling $539 million, pre-tax ($350 million after-tax) for April and May 2013.

Source: The Allstate Corporation

Topics Catastrophe Profit Loss