Allstate said its estimated pretax losses in August came in at $154 million, a sizable decline from the previous month.
The Illinois-based property/casualty insurance giant said those losses comprised 10 events, leading to estimated pretax losses of $144 million. Allstate’s final tally incorporates unfavorable reserve re-estimates of previous reported casualty losses.
After taxes, those estimated losses came in at $100 million.
Allstate’s pretax catastrophe losses so far this year have been substantial, reflecting a larger trend among many property/casualty insurers of higher catastrophe losses after a multi-year lull.
July’s pretax catastrophe losses for Allstate hit the $253 million mark from 16 events. For Allstate’s 2016 first quarter, the number landed at a whopping $827 million.
The insurer’s pretax catastrophe losses came in at $633 million in April, $202 million in May and $2016 million in June.