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.
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