The massive insurer has now released the estimate data generated during that month.
According to Allstate’s newly released estimates, the April 2014 catastrophe losses came to a pre-tax amount of $280 million (or after-tax $182 million), which the insurance company is attributing primarily to six major events during that month.
Those six events came with a pre-tax cost of an estimated $250 million during April.
Also contributing to the losses experienced by the insurance company in April were the unfavorable re-estimates of the reserve for prior losses from catastrophes. Allstate is the biggest publicly held personal lines insurer in the United States and also does business in Canada. While these figures are based on estimates and are not yet considered to be solid data, they do help to provide a clearer image of the current situation being faced by the insurer as well as assist in projecting future developments.
The insurance company released this data exclusively for the month of April.
These figures don’t take into account the previous catastrophe loss data from earlier months in the year. It is clear that this insurer isn’t alone in this type of figures. Moreover, the insurance industry as a whole is bracing itself for what could be a catastrophic year, with reports already being issued regarding earlier than usual starts to the wildfire seasons in many states, as well as warnings being released regarding potential large earthquakes in states where fracking is taking place.
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As the hurricane season has not yet begin, those catastrophes have also yet to be seen, though it is not known whether or not this will be a season in which there will be a large number of powerful storms.
The issue of climate change has been a subject that has been heavily discussed by the insurance industry. It has caused many events, such as storms (in both the summer and winter), to become more frequent and powerful. Now, all an insurance company can do is use as many tools and resources as are available to attempt to better understand the risks being presented in the near and longer term futures.