The Allstate Corporation announced estimated catastrophe losses for the month of April of $316 million or $250 million, after-tax. April catastrophe losses included fourteen events, primarily wind, hail and tornados in Texas and the southeast, estimated at $299 million, plus unfavorable reserve reestimates for prior period events.
“In keeping with the outlook shared last month of taking more rate increases than initially assumed in 2022, Allstate continued to implement meaningful rate actions in April. The Allstate brand implemented rate increases of 6.4% across 14 locations in April, resulting in total Allstate brand insurance premium impact of 0.7%. We have implemented 67 rate increases averaging approximately 8.0% across 45 locations since the beginning of the fourth quarter 2021. Allstate brand implemented auto rate increases totaled $163 million in the month of April, after implementing $1.6 billion in the previous two quarters,” said Mario Rizzo, Chief Financial Officer of The Allstate Corporation.
The implemented auto rate exhibit has been posted on allstateinvestors.com.
