Allstate Estimates $593M In Losses From Harvey

Allstate expects insurance losses of about $593 million in August after Hurricane Harvey left a path of destruction along the Gulf Coast. The initial accounting Thursday follows warnings from other insurers that are tallying the damages from a hurricane season that is nowhere near being over. Allstate’s monthly losses, which likely have not been fully accounted for, are more than three times the $181 million recorded in July before hurricanes devastated islands in the Atlantic and began to strike the U.S. Harvey made landfall in Texas on August 25. More than half the losses from that storm are related to vehicle damage.