The Allstate Corp. said it booked $262 million in estimated pre-tax catastrophe losses for July.
Losses stemmed from 15 events. Two severe hail events in Colorado and other states plus the Carr Fire in Northern California accounted for 75 percent of July event catastrophe losses, according to the insurer.
The actual catastrophe loss cost from the 15 events reached $220 million, pre-tax, plus unfavorable reserve estimates of previously reported catastrophe losses, Travelers noted. After tax, catastrophe loss estimates for the month were about $207 million.
Catastrophe loss data for July comes not long after Allstate released its 2017 second-quarter earnings.
The insurer said it booked $676 million in net income for the quarter, or $1.80 per diluted share. That’s up from $579 million over the same period a year ago, or $1.49 per diluted share. Travelers reported a consolidated combined ratio of 94.9 for Q2 versus 96.5 in the 2017 second quarter. Its commercial lines combined ratio rose to 122.4 compared to 101.7 a year ago, but all other lines were profitable.
Source: Travelers