Allstate Corporation could see pretax catastrophe losses as high as $1.19 billion for second-quarter 2020 ($937 after tax), the company announced yesterday.

For the month of June, Allstate is estimating pretax catastrophe losses of $204 million ($161 million after tax), with three severe wind and hail weather events that primarily impacted Texas, Pennsylvania and Alberta (Canada) accounting for approximately 50 percent of those losses. Allstate previously announced $982 million in estimated pretax catastrophe losses ($776 million after tax) for the months of April and May 2020.

Allstate is not the first P/C carrier to report sizable Q2 catastrophe losses: Travelers just announced estimated pretax catastrophe losses of $854 million for the quarter, while Chubb said it will face $1.8 billion in estimated pretax catastrophe losses.

Source: Allstate

Topics Catastrophe Profit Loss