News

(RTTNews) - Insurer Allstate Corp. (ALL) announced Thursday estimated catastrophe losses for the month of March 2024 of $328 million or $259 million, after-tax. Total catastrophe losses for the first quarter were $731 million, pre-tax.

Catastrophe losses in March include six events estimated at $343 million or $271 million, after-tax, with approximately 80% of the losses related to one hail event, partially offset by favorable reserve reestimates for prior events.

Allstate said it rate increases for Allstate brand auto insurance resulted in a premium impact of 0.9% for the month of March and 2.4% year-to-date.

Meanwhile, rate increases for Allstate brand homeowners insurance have resulted in a premium impact of 0.7% for the month of March and 3.4% year-to-date.

The company said implemented rate increases and inflation in insured home replacement costs resulted in a 11.9% increase in homeowners insurance average gross written premium in March 2024 from last year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.