Allstate Estimates Catastrophic Losses Of $631 Mln For April

(RTTNews) - The Allstate Corporation (ALL), a property and casualty insurance company, Thursday, announced estimated catastrophic losses of $799 million or $631 million, after-tax for April 2023.

The April month loss includes 12 events estimated to be $872 million with 60% of the losses related to two wind and hail events.

During April, Allstate also implemented the auto rate increases of 8.6% across 13 locations resulting in a brand premium impact of 1.6%.

"Allstate continued to implement significant auto insurance rate actions as part of our comprehensive plan to improve profitability. Since the beginning of the year, rate increases for Allstate brand auto insurance have resulted in a premium impact of 3.3%, which are expected to raise annualized written premiums by approximately $862 million," commented Jess Merten, the financial chief of The Allstate Corporation.

Currently, shares of Allstate are trading at $118 down 0.84% or $1.00 on the New York Stock Exchange.