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Allstate projects $625M in Q3 pretax cat losses, discloses Florence estimates

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Allstate projects $625M in Q3 pretax cat losses, discloses Florence estimates

Allstate Corp. expects catastrophe losses for the third quarter to total $625 million pretax, or $494 million after accounting for taxes.

For the month of September alone, the insurer anticipates such losses of $177 million pretax, or $140 million after taxes. Catastrophe losses in September comprised 13 events at an estimated pretax cost of $145 million, plus unfavorable reserve re-estimates of past losses.

Allstate said Hurricane Florence, which hit the Carolinas and Georgia in mid-September, accounted for about half of the losses it experienced in September.

These estimates do not include Hurricane Michael, which made landfall in Florida in October.