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Allstate braced for $227mn July cat losses

19th August 2021 - Author: Charlie Wood

US primary insurer Allstate has announced July catastrophe losses totalling an estimated $227 million, or $179 million after-tax.

Allstate logoJuly saw 18 events rack up $211 million in losses, plus unfavourable prior period reserve estimates.

In contrast, losses from the prior year period were $145 million and driven by hurricane Hanna and two severe wind/hail weather events.

This month the firm successfully filled out a $400 million gap fill layer of protection in the per occurrence tower for its Nationwide excess catastrophe reinsurance program, while also significantly expanding its Florida coverage.

That announcement followed news of an improved second quarter that saw net income applicable to common shareholders climb $400 million to $1.6 billion.

RMS

This upswing was primarily driven by higher performance-based investment income results.

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