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The losses primarily resulted from severe convective storm activity.
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The year lags behind the pace of loss set in 2011, but a potentially active summer looms.
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The figure is well above the historical average of $39bn for this century.
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Allstate’s total pre-tax cat losses for H1 2024 were $2.85bn versus an estimated $4.39bn in H1 2023.
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The Insurance Insider US news team discusses the five biggest issues it is watching as we enter the Q2 earnings cycle.
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The losses come ahead of an expected active Atlantic hurricane season.
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The biggest losses were from wind damage after the storm’s Texas landfall.
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Uncertainty around the quantum remains due to policy deductible variation.
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Insurers' losses will likely be low and readily absorbed by their earnings.
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The insured loss from Beryl in the US was pegged at $2.7bn.
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The fund is expected to make payments of just over $75mn due to the Category 5 event.