Allstate Estimates $440M Catastrophe Losses for May

Allstate Corp. estimated that it had $440 million in pre-tax catastrophe losses for the month of May 2014 —or $286 million after taxes. The Northbrook, Ill.-based company said 11 events contributed to May losses, at an estimated cost of $400 million. The rest of the pre-tax losses were attributable to unfavorable reserve re-estimates of prior reported catastrophe losses. Three severe weather events accounted for 78 percent of the estimated catastrophe losses for May events, Allstate said.