Allstate estimates total catastrophe losses for April 2024 at $494m

Allstate, a US primary insurer, has disclosed that its estimated catastrophe losses for April 2024 amounted to $494 million, or $390 million after-tax.

According to Allstate, the losses in April 2024 resulted from 11 events valued at $491 million, with approximately 80% of these losses attributed to four wind, hail, or tornadic events.

April marked a notable increase in catastrophe losses compared to March 2024, which totalled $328 million, or $259 million after-tax.

In March, six events contributed to the losses, with one hail event alone accounting for approximately 80% of the total.

For Q1, Allstate announced cat losses of $731 million.

However, April 2024’s losses are significantly lower than those of the previous year, when catastrophe losses amounted to a staggering $799 million, or $631 million after-tax.

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