Allstate Estimates Catastrophe Losses in August at $591 Million
Those losses cover six different natural disasters.
Insurer Allstate Corp. (ALL) - Get Report announced that estimated losses from catastrophes in August totaled $591 million before taxes and $385 million after taxes.
Those losses came from six different catastrophic events in August. The company reported July losses of $181 million pretax. Combined, the company reported $774 million in pretax losses for July and August.
Losses from Hurricane Harvey alone, which made landfall in Texas on Aug. 25, were $576 million pretax, but that number is expected to fall by $23 million after reinsurance recoveries. Fifty-five percent of the total losses from Harvey was attributed to auto insurance claims, Allstate said.
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