Allstate Corp. says it expects to record pretax catastrophelosses of $359 million for the first quarter.
|The Northbrook, Ill.-based insurer says itincurred estimated pretax catastrophe losses of $198 millionfor the month of March.
|Allstate says nine events during the first three months ofthe year resulted in pretax losses of $391 million, offset somewhatby favorable reserve development on prior-year losses. One eventduring this time accounted for more than half of the losses for thequarter, the company says.
|An Allstate spokesman was not immediately available to commentfurther.
|According to reinsurance intermediary Aon Benfield, March was says an active month for catastrophe losses.
|Storms from a weather system between March 18 and March 20brought severe thunderstorms and heavy snowfall across the EasternU.S.—spawning tornadoes, softball-sized hail, damaging winds andheavy snowfall. The storm system produced a derecho—an intensesquall line—across the Southeast, causing widespread damage.
|Aon Benfield put industry losses from the storm at around$150 million.
|Mississippi took the brunt of the storm system. The state'sinsurance department issued statement saying it expects the claimfigure to eventually reach 60,000.
|The top personal-lines insurer in Mississippi is State Farm,with a 2012 market share of 26.3 percent, according to SNLFinancial. Southern Farm Bureau is next with a 14.4 percent marketshare, followed by Allstate, with 9.9 percent; Nationwide, with 6.6percent; and Progressive, with 6.1 percent.
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