Allstate Estimates August Catastrophe Losses of $147 Million
September 20 2018 - 9:04AM
Dow Jones News
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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