Allstate Reveals Huge Catastrophe Loss In June (Insurance Business)

Allstate Reveals Huge Catastrophe Loss In June

  Friday, July 17th, 2020 Source: Insurance Business

Allstate Corporation revealed that for the month of June, it has estimated catastrophe losses of $204 million, pre-tax ($161 million, after tax).

The insurer said that for last month, catastrophe losses comprised 10 events with an estimated cost of $181 million, pre-tax ($143 million, after tax), plus unfavourable prior period reserve re-estimates.

Allstate noted that three severe wind and hail weather events — which primarily impacted the Canadian province of Alberta and the US states of Texas and Pennsylvania — accounted for about 50% of June’s estimated catastrophe losses.

The hailstorm event that rocked parts of Alberta — particularly the city of Calgary — on June 13 has been estimated to have caused nearly $1.2 billion in insured losses.

The event has been declared Canada’s fourth costliest natural disaster.

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