US main insurer Allstate has introduced that its estimated disaster losses for February 2024 have been underneath the $150 million reporting threshold, which is down on the $241 million of cat losses seen in February of final yr.
Last month, Allstate introduced estimated disaster losses of $325 million for January 2024, which the insurer famous was largely pushed by two occasions that comprised roughly 80% of the losses.
Full yr 2023 disaster losses have been $5.6 billion for the agency, up from $3.1 billion in 2022.
Looking again at their outcomes for the fourth quarter of 2023, Allstate posted web earnings relevant to widespread shareholders of $1.5 billion, a considerable improve in comparison with a lack of $303 million in the identical quarter of 2022.
According to at the moment’s announcement, Allstate model auto insurance coverage insurance policies skilled a charge improve that had a premium affect of 0.1% for February, with a year-to-date change of 1.5%.
At the identical time, owners insurance coverage underneath the Allstate model noticed a extra noteworthy charge improve, leading to a premium affect of two.4% for February and a couple of.7% for the yr up to now.
Allstate additionally famous that carried out charge will increase and inflation in insured home substitute prices resulted in a 12.4% improve in owners insurance coverage common gross written premium in February 2024, in comparison with the earlier yr.
