Allstate Corporation, one of the largest primary insurers in the U.S, has announced estimated pre-tax – and likely post-reinsurance, although this is unable to be confirmed – catastrophe losses for September 2018 of $177 million ($140 million after-tax).
This follows the $186 million pre-tax loss estimate Allstate posted for the month of August.
Cat losses occurring in September consisted of 13 events at an estimated pre-tax cost of $145 million, plus unfavourable reserve re-estimates of prior reported cat losses.
Hurricane Florence, which made landfall on 14 September, accounted for approximately 50% of September event cat losses.
Allstate had previously announced a combined $448 million in pre-tax estimated cat losses ($354 million after-tax) from the months of July and August, bringing the pre-tax total for Q3 to $625 million ($494 million after-tax).
This Q3 total is significantly higher than the pre-tax, post-reinsurance $264 million figure posted by Travelers earlier today.
Allstate’s cat loss estimates do not include hurricane Michael, which made landfall on 10 October.