Disasters, mostly weather-related, cost Allstate $323 million in May
Allstate Corp., the nation’s largest publicly held insurance company, said Thursday that catastrophes cost the company $323 million before taxes in May.
Seven events cost the company $312 million, in addition to unfavorable reserve reestimates from previous catastrophe losses. Three weather disasters contributed to 90% of the May losses, Allstate said in a statement.
The Illinois-based company declined to say what the catastrophes were.
Allstate previously announced $216 million in disaster losses for April, bringing estimated catastrophe losses for the second quarter months of April and May to $539 million.
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