Hurricane Ida losses reported by Allstate
NORTHBROOK -- The Allstate Corp. Thursday announced estimated catastrophe losses in August of $876 million, or $692 million after-tax. Catastrophe losses for July and August totaled $1.1 billion pretax.
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, the insurer said.
Net losses in August are estimated at $631 million, pretax ($498 million, after-tax), reflecting anticipated reinsurance recoveries under our Nationwide Excess Catastrophe Reinsurance Program, partially offset by reinstatement premiums, Allstate said.