NORTHBROOK, Ill.,
Sept. 21, 2017 /PRNewswire/ -- The Allstate Corporation
(NYSE: ALL) today announced estimated catastrophe losses, net of
reinsurance recoveries, for the month of August 2017 of $593
million, pre-tax ($385 million
after-tax). Catastrophe losses occurring in August comprised 6
events at an estimated net cost of $591
million, pre-tax, plus unfavorable reserve reestimates of
prior reported catastrophe losses. Allstate previously announced
$181 million, pre-tax ($118 million after-tax), in estimated catastrophe
losses for the month of July 2017,
bringing estimated catastrophe losses for the months of July and
August 2017 to $774 million, pre-tax ($503 million after-tax).
Hurricane Harvey made landfall in Texas on Friday, August
25, 2017. Estimated gross catastrophe losses, excluding
homeowners flood, totaled $576
million, pre-tax, which will be reduced by $23 million in anticipated reinsurance recoveries
for a net estimated loss of $553
million. Hurricane Harvey estimated losses include
approximately 55% related to auto coverages. We incurred estimated
losses and expenses of $53 million
not covered by our reinsurance related to commercial insurance,
auto protection contracts and loss adjusting expenses in excess of
our reinsurance allowances. Given the complexity of this event, we
may experience a higher level of uncertainty in our estimates due
to the inability of our customers to gain access to their homes and
autos and submit claims. Hurricane Irma occurred in September and
is not included in our reported estimates.
The Allstate Corporation (NYSE: ALL) is the nation's largest
publicly held personal lines insurer, protecting people from life's
uncertainties with 75 million proprietary policies. Allstate offers
a broad array of protection products through multiple brands and
diverse distribution channels, including auto, home, life and other
insurance offered through its Allstate, Esurance, Encompass and
Answer Financial brands. The Company provides additional protection
products and services through Allstate Benefits, Allstate Roadside
Services, Allstate Dealer Services, Arity and SquareTrade. Allstate
is widely known from the slogan "You're In Good Hands With
Allstate®." Allstate agencies are in virtually every
local community in America. The Allstate Foundation, Allstate, its
employees and agency owners have a proud history of caring for
local communities.
Financial information, including material announcements about
The Allstate Corporation, is routinely posted on
www.allstateinvestors.com.
Forward-Looking Statements
This news release contains
"forward-looking statements" that anticipate results based on our
estimates, assumptions and plans that are subject to
uncertainty. These statements are made subject to the
safe-harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements do not relate
strictly to historical or current facts and may be identified by
their use of words like "plans," "seeks," "expects," "will,"
"should," "anticipates," "estimates," "intends," "believes,"
"likely," "targets" and other words with similar meanings. We
believe these statements are based on reasonable estimates,
assumptions and plans. However, if the estimates, assumptions
or plans underlying the forward-looking statements prove inaccurate
or if other risks or uncertainties arise, actual results could
differ materially from those communicated in these forward-looking
statements. Factors that could cause actual results to differ
materially from those expressed in, or implied by,
the forward-looking statements may be found in our filings
with the U.S. Securities and Exchange Commission, including the
"Risk Factors" section in our most recent Annual Report on Form
10-K. Forward-looking statements speak only as of the date on which
they are made, and we assume no obligation to update or revise any
forward-looking statement.
View original content with
multimedia:http://www.prnewswire.com/news-releases/allstate-announces-august-2017-catastrophe-loss-estimate-300523578.html
SOURCE The Allstate Corporation