Allstate estimates $516m in cat losses after Californian wildfires

The Allstate Corporation has estimated pre-tax catastrophe losses of $516 million for October 2017, 90 percent of the losses relating to the five recent wildfires in the state of California.

Cat losses for Allstate in October comprised of 11 events, with an estimated pre-tax cost of $501 million plus $14 million in unfavourable reserve re-estimates of prior reported cat losses.

The five wildfires, which killed at least 43 people and injured 185 others, could in aggregation become the most damaging event on record in the state, Impact Forecasting previously stated.

Nearly 9,300 structures were damaged, of which more than 8,560 were destroyed. The counties of Napa, Sonoma, Mendocino, Solano, Butte, and Yuba were among the worst affected.

The California Department of Insurance cited that at least 19,000 residential, commercial, and auto claims had been filed, with payouts exceeding $3.32 billion.

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