The Allstate Corporation has announced that its estimated catastrophe losses for the month of November 2019 were $33 million, pre-tax ($26 million, after-tax).
The US primary insurer reported that its catastrophe losses in November comprised just four events.
Together, these events are estimated to have cost Allstate $19 million ($15 million, after-tax).
The company was also adversely affected by unfavourable prior reserve re-estimates in November, primarily from 2019 events.
Overall, losses were much lower than in the previous month of October, when 12 catastrophe events cost Allstate an estimated $237 million ($187 million, after-tax).
The estimate also compares very favourably with November 2018, when Allstate reported catastrophe losses of $685 million ($541 million, after-tax), for the month.
Of this figure, approximately $670 million ($529 million, after-tax) was attributable to California’s Camp and Woolsey wildfires.
Combining the October and November 2019 loss estimates, Allstate has incurred Q4 catastrophe losses of roughly $270 million ($213 million, after-tax) so far, with the December figure still to be calculated.
And adding this figure to the loss estimate of $510 million, pre-tax, released by Allstate as part of its Q3 earnings announcement, it can be deduced that the insurer’s catastrophe losses now total $780 million, pre-tax, for the first 11 months of 2019.
