NORTHBROOK, Ill., Sept. 15, 2011 /PRNewswire/ -- The Allstate
Corporation (NYSE: ALL) today announced $735
million, pre-tax, in estimated catastrophe losses for the
month of August 2011, and
$865 million, pre-tax, for the months
of July and August 2011. August
catastrophe losses comprised eight events, including Hurricane
Irene. Hurricane Irene losses are currently estimated at
$500 million, pre-tax.
This announcement is made as part of Allstate's previously
announced plan to release month and quarter-to-date catastrophe
losses when a monthly estimate exceeds $150
million. The company plans to release this data no later
than the third Thursday of the following month.
The Allstate Corporation (NYSE: ALL) is the nation's largest
publicly held personal lines insurer known for its "You're In Good
Hands With Allstate®" slogan. Now celebrating its 80th anniversary
as an insurer, Allstate is reinventing protection and retirement to
help nearly 16 million households insure what they have today and
better prepare for tomorrow. Consumers access Allstate insurance
products (auto, home, life and retirement) and services through
Allstate agencies, independent agencies, and Allstate exclusive
financial representatives in the U.S. and Canada, as well as via www.allstate.com and
1-800 Allstate®.
Forward-Looking Statements and Risk Factors
This news release contains forward-looking statements about
catastrophe losses. These statements are based on our estimates and
assumptions that are subject to uncertainty. These statements are
made subject to the safe-harbor provisions of the Private
Securities Litigation Reform Act of 1995. Management believes the
estimated impact of catastrophe losses, including net loss
reserves, are appropriately established and recorded based on
available facts, information, laws and regulations. However, actual
results may differ materially from those projected in the
forward-looking statements in this news release and from the
amounts currently recorded for a variety of reasons, including in
the following:
- Our policyholders' ability to report and our ability to adjust
claims have been impeded by the extent of the devastation and the
number of areas affected.
- It is particularly difficult to assess the extent of damage in
the initial stages of adjusting residential property losses.
- Our estimate for the ultimate costs of repairs may not prove to
be correct because of increased demand for services and supplies in
the areas affected by the catastrophes.
- The number of incurred but not reported (IBNR) claims may be
greater or less than currently anticipated.
We assume no obligation to update any forward-looking statements
as a result of new information or future events or developments.
SOURCE The Allstate Corporation