Allstate March Catastrophe Loss Estimate Totals $198 Million

Catastrophically speaking, property and casualty insurer Allstate had an easier time of it in the first quarter of 2013 than it did in the year-ago period. It recorded only nine catastrophic events at an estimated cost of $391 million in the first three months of this year, the company announced today, as opposed to 15 events at an estimated cost of $420 million in the Q1 numbers it reported last March.

The estimated realized costs for Q1 2013 are expected to be only $359 million because the total was partially offset by favorable reserve re-estimates of prior-year catastrophe losses. One severe weather event accounted for over half of the estimated loss for the quarter. In March it suffered estimated catastrophe pre-tax losses of $198 million (or $129 million after-tax). While it didn't identify the event in the press release, in early March a massive snowstorm socked the East Coast.

Allstate is the nation's largest publicly held personal lines insurer, serving approximately 16 million households through its Allstate, Encompass, Esurance, and Answer Financial brand names, as well as its Allstate Financial business segment.


The article Allstate March Catastrophe Loss Estimate Totals $198 Million originally appeared on

Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.