Allstate Sees $594M April Catastrophe Losses, Homeowners Policy Growth

Allstate Corp. reported significant pretax catastrophe losses of $594 million in April 2024, primarily due to two large wind and hail events. The company experienced a total of 11 catastrophe events in the month, contributing to elevated claims and loss ratios.
The insurer observed slight portfolio shifts in April, with a marginal decline in auto policies, a 31.6% drop in commercial lines, and a 2.5% increase in homeowners policies, which helped grow total policies in force by 0.3%. First-quarter results showed $566 million net income, down from $1.19 billion year-over-year, impacted by a rise in catastrophe losses to $2.2 billion, partly from January wildfire claims.
Despite higher catastrophe impacts, Allstate's revenues rose 7.8% year-over-year to $16.5 billion. Homeowners segment premiums grew over 15%, fueled by rate increases and policy growth. Leadership highlighted improved customer retention efforts and gains in homeowners market share as key focus areas moving forward.