Allstate Corp. says it expects to record pretax catastrophe losses of $359 million for the first quarter.
The Northbrook, Ill.-based insurer says it incurred estimated pretax catastrophe losses of $198 million for the month of March.
Allstate says nine events during the first three months of the year resulted in pretax losses of $391 million, offset somewhat by favorable reserve development on prior-year losses. One event during this time accounted for more than half of the losses for the quarter, the company says.
An Allstate spokesman was not immediately available to comment further.
According to reinsurance intermediary Aon Benfield, March was says an active month for catastrophe losses.
Storms from a weather system between March 18 and March 20 brought severe thunderstorms and heavy snowfall across the Eastern U.S.—spawning tornadoes, softball-sized hail, damaging winds and heavy snowfall. The storm system produced a derecho—an intense squall line—across the Southeast, causing widespread damage.
Aon Benfield put industry losses from the storm at around $150 million.
Mississippi took the brunt of the storm system. The state's insurance department issued statement saying it expects the claim figure to eventually reach 60,000.
The top personal-lines insurer in Mississippi is State Farm, with a 2012 market share of 26.3 percent, according to SNL Financial. Southern Farm Bureau is next with a 14.4 percent market share, followed by Allstate, with 9.9 percent; Nationwide, with 6.6 percent; and Progressive, with 6.1 percent.
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