Allstate Corp. says catastrophe losses for the month of May costthe insurer $323 million pre-tax primarily from seven lossevents.
|The Northbrook, Ill.—based insurer says 90 percent of the lossesfrom the seven events came to an estimated $312 million. A companyrepresentative declined to specify the losses.
|Major U.S. catastrophe events in May included the tornadoes thatripped through the Midwest, spawning the EF5 tornadoes in Moore andEl Reno, Oklahoma, and potentially causing insurers $4 billion inlosses; and Colorado's Black Forest Fire, which has destroyed about509 homes in the most destructive wildfire in statehistory.
|Allstate estimates April pre-tax losses of $216 million,bringing the total for the two months to $539 million.
|Last year, Allstate posted $820 million in pre-tax losses forthe second quarter of 2012, although the sum also includes $440million stemming from June events. Last year's losses came from 30events that cost an estimated $960 million, a number offset byfavorable re-estimates of prior catastrophes.
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