The American insurance giant released the announcement of loss as well as its future predictions.
The Allstate Corporation recently released its catastrophe loss estimate for July 2018. Throughout that month, it estimates having experienced loss from catastrophes reaching a pre-tax $262 million. This figure converts to $207 million after taxes are taken into consideration.
The Allstate Insurance catastrophe losses were the result of 15 individual events in July.
The July 2018 catastrophe loss estimate were the outcome of 15 separate catastrophic events. They brought with them losses of $220 million (pre-tax), according to an Allstate news release. That said the losses also included re-estimates of reserve which were not favorable to the company with regards to prior reported catastrophe losses.
Of the total losses the insurance company experienced, about three quarters of the total was connected with two severe hail events in the United States in addition to the Carr fire. The first was nearly exclusively located in Colorado, whereas the other was spread across a number of other states. The Carr fire is burning in Northern California and was a major and ongoing contributor to the insurer’s losses.
Allstate published its July 2018 catastrophe loss estimate among its news releases on the official site.
In addition to the company’s past losses, its news release also contained the American insurance company’s “Forward-Looking Statements”. These were included to help investors to better understand the way the insurer expects future months to play out, based on its best data and estimates. That said, such assumptions are not set in stone and there remains a degree of uncertainty.
Other media reports have underscored a number of risks that remain present over coming months. The fires continue to blaze in California and other surrounding states. Moreover, we remain in the middle of the Atlantic Hurricane Season, which does not end until the close of November and that is still predicted to be an active one.
Allstate will continue, as always, to post its monthly catastrophe loss estimate statements among its news releases. Many are watching these statements particularly closely as a result of the increasingly extreme and frequent events typically linked with climate change.