The Allstate Corporation, one of the largest primary insurers in the U.S, has reported estimated catastrophe losses of $186 million pre-tax ($147 million after-tax) for the month of August 2018.
Catastrophe losses consisted of 16 events that cost an estimated $137 million pre-tax, as well as unfavourable reserve re-estimates for prior catastrophe losses.
Allstate said that 35% of its monthly catastrophe losses for August were caused by a single hail event that primarily impacted Colorado.
The company also specified that its estimate does not include losses from Hurricane Florence, which made landfall in North Carolina on September 14.
The $186 million loss represents a decrease of 29% from July, when Allstate posted an estimated catastrophe loss of $262 million pre-tax ($207 million after-tax).
Total catastrophe losses for the months of July and August therefore totalled $448 million pre-tax ($354 million after-tax).
Allstate’s total catastrophe losses for the second quarter of 2018 reached $906 million, pre-tax ($716 million after-tax), the insurer announced in July.