The Allstate Corporation has reported preliminary catastrophe losses for August, amounting to $272 million, or $215 million after tax. The figure includes favorable reserve adjustments for past events.
“Catastrophe losses for August include 15 events estimated at $306 million, with approximately $75 million related to a hail event in Calgary, Canada,” Allstate noted. “The Calgary hail event estimate includes reinsurance reinstatement premiums and is net of anticipated reinsurance recoveries of $225 million.
For the combined months of July and August, Allstate’s catastrophe losses reached $814 million, or $643 million after tax. Year-to-date through August, the company’s total catastrophe losses stood at $3.67 billion, with an after-tax impact of $2.90 billion.
The August approximation comes on the heels of Hurricane Francine hitting Louisiana, which saw Allstate set up mobile claim centers in the state.
To expedite the claims process for customers impacted by the hurricane, Allstate’s national catastrophe team has established the following mobile claim center locations:
The mobile claim centers operate from 8am to 6pm.
What do you think about this story? Share your thoughts in the comments below.
