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Member, Beacon International Group, Ltd.
NORTHBROOK, Ill.—The Allstate Corp. said Thursday that its insured losses from U.S. storms in April and May could reach up to $2 billion.
In a statement, the Northbrook, Ill.-based insurer estimated its pretax losses as a result of storms in May to be $600 million. That is in addition to the company’s previously announced estimate of $1.4 billion in insured losses for the month of April.
By the end of May, the National Weather Service had received more than 1,400 reports of tornadoes, including 875 in April. According to the NWS, 536 people have been killed this year in tornadoes.
This month, Boston-based catastrophe modeler AIR Worldwide Corp. estimated that losses for the insurance industry as a whole from the U.S. storms in May could be as high as $7 billion.
AIR Worldwide Corp. estimated Monday that a series of tornadoes and other severe weather in the United States May will result in insured losses of $4 billion to $7 billion.