Allstate reports $925 million catastrophe losses for March

The Allstate Corporation (NYSE: ALL) reported estimated catastrophe losses of $925 million for March, or $731 million after-tax, according to a company statement. The losses stemmed from 15 wind and hail events, with approximately 80% of the losses concentrated in three events.

Total catastrophe losses for the first quarter reached $1.24 billion, or $980 million after-tax.

The insurance company's total policies in force increased to 38.6 million as of March 31, representing a 0.4% increase from February and a 2.3% increase compared to the same period last year.

Auto insurance policies, which comprise the largest segment, reached 25.8 million policies, up 0.5% from February and 2.6% year-over-year. Homeowners policies totaled 7.7 million, showing a 0.2% monthly increase and 2.5% annual growth.

Commercial lines policies decreased 6.3% year-over-year to 177,000 policies, while other personal lines remained relatively stable at 4.9 million policies.

The policy counts are based on individual items rather than customers, meaning a multi-car customer would generate multiple policy counts even if all vehicles were insured under a single policy.

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