The Allstate Corporation announced estimated catastrophe losses for August 2024 totaling $272 million, or $215 million after-tax. These losses stemmed from 15 distinct events, with a notable portion, approximately $75 million, attributed to a hail event in Calgary, Canada. The Calgary hail event estimate is net of anticipated reinsurance recoveries amounting to $225 million.
Cumulatively, total catastrophe losses for July and August reached $814 million, or $643 million after-tax. The year-to-date catastrophe losses through August stood at $3.67 billion, or $2.90 billion after-tax. These figures provide a clear indication of the ongoing impact of natural disasters on the company's financial performance.
The announcement highlights the persistent exposure to weather-related events and the role of reinsurance in mitigating their net financial impact. Investors monitor these monthly updates closely for insights into underwriting profitability and overall earnings stability.
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