US primary insurance giant Allstate has renewed its main excess catastrophe reinsurance towers for 2022 into 2023 and the company has raised the top of its per-occurrence reinsurance coverage to $6.6 billion, but on the aggregate side the tower has shrunk with coverage attaching lower-down now thanks to the use of event deductibles.
For the annual risk period from April 1st, Allstate’s renewed Nationwide Excess Catastrophe Reinsurance Program provides coverage up to $6.614 billion of losses, after a $500 million retention.
That’s the occurrence tower side, where Allstate has built out more protection through the catastrophe bond market in the last year.
FULL PUBLICATION HERE
