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Allstate reported massive losses from severe weather-related wind and hail events for 2023. It has also booked a catastrophe reinsurance of $36 million recoverable on one of its Sanders Re II catastrophe bond exposures.
That $36 million reinsurance recoverable from Allstate’s cat bond program is booked against the 2023 calendar year and is down on the $85 million it had booked for 2022.
Allstate’s catastrophe loss burden in 2023 was much higher than in 2022. The insurer reported an increase of 81.1%, or $2.52billion, in catastrophe losses in 2023 compared to the previous year. This was due to the fact that there were more wind/hail storms and larger losses per event.
Allstate has reported 136 wind/hail losses in 2023. These events cost the insurer $5.065 billion.
That’s up on 106 wind/hail events for a loss of $1.936 billion in 2022, clearly demonstrating the much higher average loss wind and hail outbreaks caused for the insurer last year.
This is because the company has yet to book any aggregate reinsurance claims for calendar year 2020.
