Allstate reveals catastrophe loss estimate for February 2019

Allstate reveals catastrophe loss estimate for February 2019 | Insurance Business

Allstate reveals catastrophe loss estimate for February 2019

Allstate has announced its estimate for catastrophe losses for the month of February, pegged at $151 million, pre-tax ($119 million, after-tax).

The insurer noted in a release that catastrophe losses occurring in February comprised 10 events, at an estimated cost of $140 million, pre-tax ($111 million, after-tax), including unfavorable reserve re-estimates of prior period catastrophe losses.

Allstate also highlighted that one wind event– one which mainly affected the areas of Pennsylvania, Ohio and New York – accounted for about 60% of event catastrophe losses for February.

In total, the estimated catastrophe losses for January-February 2019 is at $299 million, pre-tax ($236 million, after-tax).

Read more: Aon – January storms cost the US a billion

In an earlier report, Aon said that January’s storms and cold temperatures – due to the so-called Polar Vortex – cost the entire US about a billion dollars.