Allstate Corp. lost $500 million on Hurricane Irene, the largest publicly traded home and auto insurer in the United States said Thursday, much less than it lost from tornadoes earlier this year.
In total, Allstate said its July and August disaster losses came to $865 million before tax. The company did not break out the source of the other losses besides Irene.
In April and May, Allstate lost $2 billion because of severe thunderstorms and tornadoes. That nearly equaled its disaster losses for all of 2010.
Industry estimates on the damage caused by Irene have varied widely, in part because most of Irene’s damage was from federally insured flooding and not privately insured wind effects. Some estimates suggest the total privately insured loss from the storm was less than $2 billion.
Allstate began releasing select monthly disaster data earlier this year after pressure from analysts, who wanted more clarity on the company’s catastrophe exposure.
(Reporting by Ben Berkowitz, editing by Gerald E. McCormick)
Was this article valuable?
Here are more articles you may enjoy.
How ‘Super Roofs’ Reward Insurers, Cat Bond Investors and Homeowners 
Acrisure CEO Greg Williams Makes $400M Commitment to Michigan State University 
Florida, East Coast to See Big Insured Losses From More Cat 5 Storms, Researchers Say 
Product Liability Verdicts Are on the Rise but There Are Ways to Avoid Them 
