The Allstate Corporation (Allstate) has announced estimated catastrophe losses for the month of July of $262 million, pre-tax ($207 million after-tax), driven primarily by two severe hail events and the Carr wildfire in Northern California.
15 events in July, 2018 saw catastrophe losses alone contributed $220 million, pre-tax, of the overall loss bill for the firm, with the remainder coming from unfavourable reserve reestimates of prior reported catastrophe losses.
Allstate notes that two severe hail events, primarily impacting Colorado as well as some other states, and the Carr wildfire in Northern California, contributed approximately 75% of the July event catastrophe losses.
The $262 million loss bill for July follows estimated pre-tax catastrophe losses in Q1 2018 of $361 million, and pre-tax catastrophe losses of $906 million in Q2 2018. Combined, Allstate’s estimated pre-tax catastrophe loss bill for the first seven months of the year has reached $1.53 billion, which is actually 22% lower than the firm recorded in the first seven months of 2017.
In 2017, Q1 catastrophe losses totalled $777 million, Q2 losses totalled $993 million, while July 2017 catastrophe losses reached $181 million, for Allstate.
