Allstate Sees Q3 Catastrophe Losses At $1.3 Bln

The Allstate Corporation (ALL), an American insurance company, on Thursday said it expects catastrophe losses for the month of September at $165 million or $130 million, after-tax. With this, the pre-tax catastrophe losses for the third quarter totaled $1.3 billion.

The estimated catastrophe losses of $103 million excludes reinsurance reinstatement premium and modest unfavorable reserve re-estimates. Two large wind, hail events, primarily impacting the Midwest, accounted for approximately 50 percent of September estimated catastrophe losses, the company said.

During the third quarter of 2021, the insurance provider performed its annual run-off property-liability reserve review, which resulted in unfavorable reserve re-estimates totaling $111 million or $88 million, after-tax, primarily related to asbestos and environmental exposures.

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