Allstate Corp. says catastrophe losses for the month of May cost the insurer $323 million pre-tax primarily from seven loss events.
The Northbrook, Ill.—based insurer says 90 percent of the losses from the seven events came to an estimated $312 million. A company representative declined to specify the losses.
Major U.S. catastrophe events in May included the tornadoes that ripped through the Midwest, spawning the EF5 tornadoes in Moore and El Reno, Oklahoma, and potentially causing insurers $4 billion in losses; and Colorado's Black Forest Fire, which has destroyed about 509 homes in the most destructive wildfire in state history.
Allstate estimates April pre-tax losses of $216 million, bringing the total for the two months to $539 million.
Last year, Allstate posted $820 million in pre-tax losses for the second quarter of 2012, although the sum also includes $440 million stemming from June events. Last year's losses came from 30 events that cost an estimated $960 million, a number offset by favorable re-estimates of prior catastrophes.
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