NU Online News Service, July 13, 12:50 p.m. EST
Allstate Corp. says it expects $300 million in catastrophe losses from 13 events during the month of June.
The personal lines insurer says that losses in June added to previously announced expected losses in April and May, for a total of $2.3 billion in the second quarter.
June started with tornadoes in Massachusetts. During the month there were also wildfires in Arizona, New Mexico and Texas. Later in June another round of thunderstorms affected central states. One storm hit Churchill Downs in Kentucky.
Allstate's announcement of losses is a continuation of a new plan to release monthly and quarterly catastrophe losses when they exceed $150 million, the Northbrook, Ill.-based company says.
Meanwhile, State Auto Financial Corp. says it expects between $155 million and $165 million in pretax catastrophe losses in the second quarter.
The insurer had said severe weather caused up to $50 million in losses in May and up to $85 million in losses in April.
Chief executive Bob Restrepo says the company's loss projections increased not only because of the addition of June, but because of "higher damage to property, and a greater number of automobile total losses than expected."
Late last month the Columbus, Ohio-based insurer said it will no longer be writing new automobile and homeowners' insurance in Rhode Island, and is putting an end to its homeowners business in Massachusetts.
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