NORTHBROOK, Ill., June 15, 2023 – Allstate Corporation (NYSE: ALL) today announced estimated catastrophic losses for the month of May of $885 million, or $699 million, after taxes.
Catastrophic losses for the month of May include 12 events estimated at $893 million, with approximately 70% of the losses related to two wind and hail events, partially offset by favorable reserve reestimates for prior events. Total catastrophic losses for April and May were $1.68 billion, before taxes.
During the month of May, the Allstate brand implemented auto rate increases of 9.3% at 15 locations, resulting in a total brand premium impact of 1.6%.
“Allstate continued to implement significant auto insurance rate actions as part of our comprehensive plan to improve profitability. Since the beginning of the year, rate increases for Allstate-brand auto insurance have resulted in a premium impact of 4.9%, which is expected to increase annualized written premiums by approximately $1.28 billion,” said Jess Merten, CFO of The Allstate Corporation. Our implemented auto rate display has been posted on allstateinvestors.com.
Financial information, including important announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.
This press release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not strictly relate to current or historical facts and can be identified by the use of words such as “plans,” “seeks ”, “expects”, “will”, “should”, “anticipates”, “estimates”, “intends”, “believes”, “likely”, “targets” and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans.However, if the estimates, assumptions or plans underlying the forward-looking statements turn out to be inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. that could cause actual results to differ materially from those expressed or implied in any forward-looking statements can be found in our filings with the US Securities and Exchange Commission, including the “Risk Factors” section of our report. most recent annual on Form 10-K. Forward-looking statements are as of the date they are made, and we do not undertake any obligation to update or revise any forward-looking statement.
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