Allstate, Liberty Mutual saw heaviest catastrophe losses in Q2

The Allstate Corp. and Liberty Mutual Holding Co. Inc. saw the heaviest catastrophe losses among U.S.-listed carriers during the second quarter of 2022, according to an analysis by S&P Global Market Intelligence.

Catastrophic events like flooding, wind and hail in the Midwest took a major toll on several insurers over the second quarter.

Billion-dollar bills

Allstate and Liberty Mutual each reported catastrophe losses of around $1.10 billion for the second quarter.

Allstate's figure was more than double the $475 million of catastrophe losses it reported in the prior quarter. The total was also higher year over year, surpassing the $952 million of total losses logged during the same quarter in 2021, during which Allstate also reported the largest catastrophe losses among listed U.S. carriers. Allstate said it experienced an estimated $356 million in losses from 10 distinct events in June.

Liberty Mutual announced its expected $1.10 billion in losses in an earnings call, where President Timothy Sweeney said the company saw a $565 million increase compared to the first quarter of 2021. This was driven by elevated catastrophe activity in the Midwest as well as "incremental exposure" from its State Auto subsidiary, Sweeney said.

The Travelers Cos. Inc. also saw its catastrophe losses grow sequentially and year over year to $746 million from $160 million in the first quarter and $475 million in the second quarter of 2021.

Although Chubb Ltd.'s catastrophe losses rose to $291 million from $280 million a year earlier, its losses were lower than in the first quarter of 2022.

*Compare to figures from a year ago. *Click here to see S&P Global Market Intelligence coverage on catastrophes and natural disasters.

Global estimates

Insured catastrophe losses across the globe surpassed $30 billion in the first half of 2022, according to estimates by several risk analysis firms.

Munich Re had the lowest estimate of $34 billion, while Swiss Re AG and Aon PLC announced similar estimates at $38 billion and $39 billion respectively.

Swiss Re based its estimate on both natural and man-made catastrophes.