U.S. primary insurer Allstate has estimated that total catastrophe losses for Q1 of 2024 were $731 million, pre-tax, much below the $1.69 billion recorded in Q1 of 2023.
The firm also disclosed catastrophe losses for March 2024 of $328 million or $259 million, after-tax.
As per Allstate, March catastrophe losses included six events estimated at $343 million or $271 million, after-tax, with approximately 80% of the losses related to one hail event.
This was reportedly somewhat offset by favourable reserve reestimates for prior events.
In total, March was a heavier month for catastrophe losses than February, which fell under the $150 million reporting threshold, though it was substantially lower than in March of the previous year, where catastrophe losses were $1.17 billion or $927 million, after tax.
Allstate also revealed that rate increases for its auto insurance resulted in a premium impact of 0.9% for March and 2.4% year-to-date.
Meanwhile, Allstate brand homeowners insurance rate increases have resulted in a premium impact of 0.7% for March and 3.4% year-to-date.
At the same time, implemented rate increases and inflation in insured home replacement costs resulted in an 11.9% increase in homeowners insurance average gross written premium in March 2024 compared to the prior year.
