Allstate March Catastrophe Loss Estimate Totals $198 Million

Catastrophically speaking, property and casualty insurer Allstate (NYSE: ALL  ) had an easier time of it in the first quarter of 2013 than it did in the year-ago period. It recorded only nine catastrophic events at an estimated cost of $391 million in the first three months of this year, the company announced today, as opposed to 15 events at an estimated cost of $420 million in the Q1 numbers it reported last March.

The estimated realized costs for Q1 2013 are expected to be only $359 million because the total was partially offset by favorable reserve re-estimates of prior-year catastrophe losses. One severe weather event accounted for over half of the estimated loss for the quarter. In March it suffered estimated catastrophe pre-tax losses of $198 million (or $129 million after-tax). While it didn't identify the event in the press release, in early March a massive snowstorm socked the East Coast.

Allstate is the nation's largest publicly held personal lines insurer, serving approximately 16 million households through its Allstate, Encompass, Esurance, and Answer Financial brand names, as well as its Allstate Financial business segment.

link


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2371485, ~/Articles/ArticleHandler.aspx, 8/22/2014 7:43:04 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement