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posted: 9/17/2020 2:24 PM

Allstate announces August losses due to hurricanes

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NORTHBROOK -- The Allstate Corp. Thursday announced estimated catastrophe losses for the month of August of $985 million, which includes damages from hurricanes Laura and Isaias.

The August losses comprised 11 events at an estimated cost of $969 million, plus an unfavorable re-estimate of reserves from the prior period. Catastrophe losses of Hurricane Laura are estimated at $430 million and for Hurricane Isaias at $200 million.

Allstate previously announced $450 million in recoveries in July from its settlement with PG&E Corp. from claims arising from the 2017 Northern California wildfires and the 2018 Camp Fire, also in California, bringing estimated catastrophe losses for July and August to $651 million.