Allstate cat losses spike on Texas hailstorm

US insurer Allstate suffered pre-tax catastrophe losses of $781mn
in the first quarter, exacerbated by an extreme hailstorm in Texas.
The figure is more than double Allstate's catastrophe losses
of $303mn in the fourth quarter of 2016.
Allstate recorded 28 cat loss events with an estimated cost of
$777mn over Q1, and also reported unfavourable reserve re-estimates
for prior-year cat losses that added to the total for the
period.
The worst event wasa hailstorm in northern Texas in late...