Allstate reported $633 million in estimated pre-tax catastrophe losses for April, more than half of which came from three days of severe hailstorms in Texas.
After taxes, the number comes in at $411 million.
Allstate said that there were eight events in April that cost the property/casualty insurer an estimated $660 million pre-tax. But favorable reserve re-estimates of previously reported catastrophe losses helped partially offset this. The reserve re-estimates stem from March 2016 event report claims and severity that came in about 6 percent lower than anticipated.
Allstate’s Texas catastrophe costs for the month are due to hailstorms that struck the state from April 10-12, according to the insurer.
Texas storms were also a problem for Allstate in the 2016 first quarter. The insurer said that its pre-tax catastrophe losses for the quarter jumped to $827 million, nearly threefold compared to the same period a year ago.
Two severe hail events in March led to two-thirds of Allstate’s catastrophe loss for the period. As Reuters reported, the storms in question ranged from Texas to Florida, producing hail as big as 2.75 inches and violent thunderstorms.