Allstate Reveals Huge Catastrophe Loss In June
Friday, July 17th, 2020 CatastropheAllstate Corporation revealed that for the month of June, it has estimated catastrophe losses of $204 million, pre-tax ($161 million, after tax).
The insurer said that for last month, catastrophe losses comprised 10 events with an estimated cost of $181 million, pre-tax ($143 million, after tax), plus unfavourable prior period reserve re-estimates.
Allstate noted that three severe wind and hail weather events — which primarily impacted the Canadian province of Alberta and the US states of Texas and Pennsylvania — accounted for about 50% of June’s estimated catastrophe losses.
The hailstorm event that rocked parts of Alberta — particularly the city of Calgary — on June 13 has been estimated to have caused nearly $1.2 billion in insured losses.
The event has been declared Canada’s fourth costliest natural disaster.
