Allstate Estimates August Catastrophe Losses of $147 Million

   By Colin Kellaher

Allstate Corp. (ALL) on Thursday said it estimates August pretax catastrophe losses totaled $186 million, or $147 million after taxes.

The Northbrook, Ill., insurance company said it recorded $137 million of pretax losses from 16 events in August, along with unfavorable reserve reestimates of prior reported catastrophe losses. Allstate said a single hail event that mainly impacted Colorado accounted for about 35% of August event catastrophe losses.

Allstate previously reported after-tax catastrophe losses of $207 million for July, bringing total losses to $354 million for the first two months of the third quarter.

However, the numbers don't reflect the impact of Hurricane Florence, which made landfall on Sept. 14 and is expected to result in billions of dollars of insured losses for the industry.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 20, 2018 08:49 ET (12:49 GMT)

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