Allstate Insurance Company issued the following announcement on Sept.
The Allstate Corporation today announced estimated catastrophe losses for the month of August of $876 million or $692 million, after-tax. Catastrophe losses for July and August totaled $1.1 billion, pre-tax.
Catastrophe losses in August comprised 11 events at an estimated cost of $843 million plus unfavorable prior period reserve reestimates. Hurricane Ida impacted 19 states with the majority of losses occurring in Louisiana, resulting in gross losses of approximately $1.4 billion. Net losses are estimated at $631 million, pre-tax ($498 million, after-tax), reflecting anticipated reinsurance recoveries under our Nationwide Excess Catastrophe Reinsurance Program, partially offset by reinstatement premiums.
Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.
Original source can be found here.
Alerts Sign-up