17 October 2014 Insurance

Allstate Q3 losses reach $517m

The Allstate Corporation has estimated catastrophe losses of $517 million, pre-tax ($336 million after-tax), for the third quarter of 2014, and $250 million, pre-tax ($163 million after-tax) for the month of September.

Catastrophe losses occurring in the third quarter comprised of 29 events at an estimated cost of $384 million, pre-tax, plus increased reserve re-estimates of prior reported catastrophe losses.

One severe weather event, primarily in the state of Colorado on September 29, 2014, accounted for over a third of catastrophe losses that occurred in the third quarter. The reserve re-estimates are due to higher than anticipated reported property claims related to two severe weather events in the second quarter of 2014.

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