Allstate lifts cat reinsurance to $6.6bn. Agg cover lowered on event deductibles

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.

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