U.S. primary insurer Allstate has announced estimated catastrophe losses for July of $313 million or $247 million, after-tax.
According to Allstate, July’s catastrophe losses include 18 events estimated at $349 million, primarily related to geographically widespread wind and hail events.
This was partially offset by favourable reserve reestimates for prior events, the reinsurer said.
Last month, Allstate estimated catastrophe losses for June at $1.01 billion or $799 million, after-tax.
Allstate had announced estimated catastrophe losses for May of $885 million or $699 million, after-tax.
Also during July, the Allstate brand implemented auto rate increases of 8.2% across 12 locations, resulting in a total brand premium impact of 0.9%.
Jess Merten, Chief Financial Officer of The Allstate Corporation, commented, “Allstate continued to implement significant auto and homeowners insurance rate actions as part of our comprehensive plan to improve profitability.”
“Since the beginning of the year, rate increases for Allstate brand auto insurance have resulted in a premium impact of 8.4%, which are expected to raise annualized written premiums by approximately $2.19 billion and rate increases for Allstate brand homeowners insurance have resulted in a premium impact of 7.8%, which are expected to raise annualized written premiums by approximately $804 million.”
