Reinsurance News

Allstate reports Q3 cat losses of $1.3bn

21st October 2021 - Author: Matt Sheehan

US primary insurer Allstate has recorded total catastrophe losses of $1.3 billion for the third quarter of 2021, pre-tax, after taking $165 million in the month of September.

Allstate logoCatastrophe losses in September were estimated at $103 million, plus reinsurance reinstatement premium and modest unfavorable reserve re-estimates.

Two large wind/hail events, primarily impacting the Midwest, accounted for approximately 50% of September estimated catastrophe losses.

The September figure followed losses of $227 million in July and $843 million in August.

Allstate recorded an estimated $1.4 billion loss from Hurricane Ida in August, but only retained around $631 million thanks to its reinsurance protection.

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

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