The Allstate Corporation estimates catastrophe losses for August 2021 at of $876 million or $692 million, after-tax. The bulk of those losses are the result of Hurricane Ida and the majority occurred in Louisiana, the company said.
Catastrophe losses for July and August totaled $1.1 billion, pre-tax.
Catastrophe losses in August comprised 11 events at an estimated cost of $843 million plus unfavorable prior period reserve re-estimates. Hurricane Ida impacted 19 states with the majority of losses occurring in Louisiana, resulting in gross losses of approximately $1.4 billion.
Net losses are estimated at $631 million, pre-tax ($498 million, after-tax), reflecting anticipated reinsurance recoveries under its Nationwide Excess Catastrophe Reinsurance Program, partially offset by reinstatement premiums.
Source: Allstate
Topics Profit Loss Louisiana
Was this article valuable?
Here are more articles you may enjoy.
Single Loose Wire Led to Blackout That Caused Dali Crash Into Baltimore Bridge 
Estimate to Rebuild Baltimore’s Key Bridge Doubles to $5 Billion 
AI Is Writing Performance Reviews. What Could Go Wrong? 
‘Clear Soft Market Conditions’ for Commercial P/C Lines in Q3, Says CIAB 
