Allstate Corp. said Tuesday October’s California wildfires plus other disasters have hiked the insurance company’s fourth-quarter catastrophe losses by about $100 million.
Allstate said it received more than 7,000 claims from the Southern California wildfires, resulting in approximately $315 million to $335 million in wildfire-related catastrophe losses to be recorded in fourth quarter 2007, which ends Dec. 31.
In addition, wind and hail in the Northwest and ice storms in the Midwest have pushed the company’s total catastrophe losses in October and November to between $360 million and $400 million. That’s about $100 million above catastrophe losses for the full fourth quarter of 2006.
“December weather events, including ice and snow storms, are expected to further impact catastrophe losses and auto and homeowner frequency for the quarter,” Northbrook-based Allstate said in a statement.
Allstate shares lost 3 cents, or 0.03 percent, to close at $51.38 Tuesday.
The company plans to release fourth-quarter results on Jan. 29, 2008.
Topics Catastrophe Profit Loss Wildfire
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