US primary insurer Allstate has estimated its catastrophe losses for the month of August at $985 million, pre-tax.
Losses during the period consisted of 11 events at an estimated cost of $969 million, pre-tax, plus unfavorable prior period reserve reestimates.
Estimated catastrophe losses for the month include a $430 million impact of Hurricane Laura and Hurricane Isaias at $200 million.
Allstate previously announced that the impact of PG&E recoveries and July catastrophe losses generated income of $334 million.
After investigations in 2019 found that PG&E’s equipment was responsible for igniting a series of major wildfires, the firm confirmed an $11 billion agreement to resolve all insurance subrogation claims arising from the 2017 Northern California wildfires and the 2018 Camp Fire.
This brought estimated catastrophe losses for July and August 2020 to $651 million, pre-tax.
During the same month, the insurer recorded pre-tax catastrophe losses of $145 million ($115mn after-tax), of which roughly 65% came from Hurricane Hanna and two severe wind and hail events.
