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posted: 3/18/2021 1:51 PM

Texas snowstorm costs Allstate $567 million

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NORTHBROOK -- Allstate Corp. Thursday reported estimated catastrophe losses for the month of February of $577 million.

Catastrophe losses in February comprised two major events at an estimated cost of $590 million, which as partially offset by favorable prior period reserve re-estimates. The severe winter freeze, primarily impacting Texas, resulted in gross losses of about $1.3 billion, with net losses estimated at $567 million because of anticipated reinsurance recoveries, partially offset by reinstatement premiums.

Estimated catastrophe losses for the month of January added $55 million to reserves, reflecting subrogation recoveries related to the 2018 Woolsey wildfire in the Los Angeles area, bringing estimated February quarter-to-date catastrophe losses to $522 million, the insurer said.