The devastating tornados that tore through the Midwest and Southern U.S. in April killing some 300 people and causing millions in damages have begun to take their toll on insurers.
Allstate (NYSE:ALL) booked $1.4 billion in estimated catastrophe losses in April. The personal insurer said the losses included 13 events in the U.S. and Canada, with the largest losses from tornadoes in Alabama, Arkansas, Georgia and Virginia during the last week of the month.
Allstate deployed more than 3,000 claims professionals to assist customers during the period, with more than 100,000 claims reported to date in the areas affected by the natural disasters.
About $1.37 billion of the losses are attributed to the Allstate brand with another $30 million for its Encompass brand.
In an effort to provide investors more information, Allstate said it will start announcing monthly and quarter-to-date estimates for catastrophe losses when the monthly loss exceeds $150 million. In the past decade, Allstate had catastrophe losses exceeding $150 million in about 30% of months.