Allstate suffers major boost in nat cat after $320m Maui wildfire
US P&C market leader Allstate suffered $641 million in gross nat cat losses across 18 events in August, tracing about half of the sum to wildfires on the Hawaiian island of Maui.
The August gross loss renders a net pre-tax nat cat loss for the group at $551 million, or $435 million net after tax.
Allstate made no mention in its statement of Hurricane Idalia.
The two-month tally of net pre-tax nat cat losses at $864 million already tops the $763 million reported for the full third quarter last year.
While Allstate had not published a sum for August 2022, calculations between the Q3 financial statements and the two remaining monthly releases suggest that August net pre-tax nat cat losses have grown 5.5x year on year.
An adjusted figure excluding the Maui wildfire would have been roughly flat from July, each just over one third the size of the costly four-month run from March through June.
Allstate had an 8.0% market share in Hawaiian multi-peril homeowner policies, data from the AM Best rating agency had indicated. On an even split across market players, the Allstate sum implies an industry gross loss near $4 billion.
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