bigstock-Stormy-sky-19482599Allstate said it handled estimated pre-tax catastrophe losses for May that reached $178 million, the bulk of which came from four severe weather events.

The number actually hit $180 million, pre-tax for 8 events overall, but this was partially offset by decreased reserve re-estimates of prior reported catastrophe losses, Allstate said.

Four severe weather events accounted for 77 percent of the estimated May catastrophe losses, Allstate said. Of that number, about 30 percent stemmed from auto claims following heavy rains and flooding. That’s a big jump, considering that Allstate said auto claims typically take up about 15 percent of second-quarter catastrophe losses.

Allstate said handled $273 million pre-tax in estimated catastrophe losses for April.

In May, estimates are that as many as 10,000 vehicles sustained damage in catastrophic floods that hit much of Texas. Storms that month killed at least 31 people in Texas and Oklahoma, and more storm trouble was expected this week from Tropical Storm Bill.

Source: Allstate

Topics Catastrophe Profit Loss Flood