US insurance giant Allstate is expecting first quarter catastrophe losses to hit $361mn, with $222mn of that total from events in March alone.


The carrier said after-tax the estimated losses were likely to be $285mn for the quarter and $175mn for March.

Allstate also said it had seen an uptick in estimates for losses in prior quarters, which had forced it to bolster reserves, adding to the bill for the quarter.

The were 11 events which contributed to the losses in the first three months of year, with Allstate pointing to one single event that accounted for 55 percent of the losses booked.

Allstate said this was a wind-driven event, primarily affecting the Mid-Atlantic and Northeast states.

According to Aon Benfield’s April Impact Forecasting report, a storm that struck between 1 to 3 March prompted a state of emergency to be declared across Massachusetts, New York, Virginia and Maryland, and caused public and private insurance payouts in excess of $1.4bn.

Along with two other storms that hit the region in March, Aon Benfield estimated insured losses could reach $1.7bn.

Earlier this week The Hanover said that its claims for the quarter were likely to be slightly higher than expected at between $66mn and $76mn.

Although it said that the higher-than-expected losses in Q1 had been partially offset by reserve releases of $9.5mn after it lowered its estimate for the cost of trio of Atlantic hurricanes that battered the US as well as the wildfires that scorched parts of California last year.