Allstate estimates $177m cat losses in September
US personal lines insurer Allstate Corporation has estimated catastrophe losses for the month of September 2018 at $177 million, pre-tax ($140 million after-tax).
The insurer said that Hurricane Florence, which made landfall on September 14, has accounted for approximately 50 percent of September event catastrophe losses.
For July and August, the insurer had estimated cat losses at $448 million, pre-tax ($354 million after-tax), driven by severe hail events.
Cat losses occurring in September comprised 13 events at an estimated cost of $145 million, pre-tax, plus unfavorable reserve re-estimates of prior reported catastrophe losses.
For the entire third quarter 2018 Allstate reported $625 million of catastrophe losses, pre-tax ($494 million after-tax), excluding Hurricane Michael which made a landfall on October 10.
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