Allstate Corp. said it incurred an estimated $343 million in pretax catastrophe losses from activity in March, raising the total for the first quarter to $731 million from $1.69 billion in the prior-year period.
March catastrophe losses included six events. About 80% of the losses related to one hail system, Allstate said in a statement. Losses were partially offset by favorable reserve reestimates on prior events, lowering the monthly pretax loss to $328 million.
In mid-March a string of destructive severe convective storms impacted a wide stretch on the middle of the country.
Allstate in 2023 reported estimated pretax catastrophe losses of $1.17 billion in March after waves of powerful and destructive storms rolled across widespread swaths of the country. That accounted for the majority of $1.69 billion in first-quarter 2023 pretax catastrophe losses.
Allstate also continues to raise rates. Allstate brand automobile insurance hikes increased premiums 2.4% in the quarter. Implemented rate increases and inflation in insured home replacement costs increased average brand homeowners gross written premium 11.9% from the prior year, the company said.
Allstate plans to hold a first-quarter earnings conference call on May 2.