Allstate posts nat cat loss of $343m for March

US insurer Allstate incurred a $343m pretax catastrophe loss in March, significantly lower than the same period in 2023.

The results bring the insurer’s total catastrophe losses for Q1 to an estimated $731m.

The losses include six events but the majority (80%) of losses were related to one hail storm.

Losses were partially offset by favourable reserve re-estimates for prior events.

The March figures represent an improvement from the previous year, when a wave of powerful storms caused an estimated, pretax catastrophe loss of $1.17bn for Allstate.

In addition, Allstate has continued to raise rates. Homeowners’ gross written premium rose by 11.9% from the previous year as a result of inflation in insured home replacement costs and planned rate increases.

Allstate’s share price rose by 3% compared to the previous close, upon the posting of the results.