Allstate estimates $177m cat losses in September

US personal lines insurer Allstate Corporation has estimated catastrophe losses for the month of September 2018 at $177 million, pre-tax ($140 million after-tax).

The insurer said that Hurricane Florence, which made landfall on September 14, has accounted for approximately 50 percent of September event catastrophe losses.

For July and August, the insurer had estimated cat losses at $448 million, pre-tax ($354 million after-tax), driven by severe hail events.

Cat losses occurring in September comprised 13 events at an estimated cost of $145 million, pre-tax, plus unfavorable reserve re-estimates of prior reported catastrophe losses.

For the entire third quarter 2018 Allstate reported $625 million of catastrophe losses, pre-tax ($494 million after-tax), excluding Hurricane Michael which made a landfall on October 10.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news from Baden-Baden

AIG needs to regain investor confidence after cat losses: Morgan Stanley

ILS investors, funds, buyers all now regard ILS as mainstream: Willis report

UK insurtech Skyline to launch weather insurance in India; secures funding

Arch Insurance unveils new structure, key leadership changes

Miller to acquire London market broker Alston Gayler

AXIS hires ex-Allied World CFO for new global role

Canopius eyes Asia Pacific expansion with key hires

Don't miss our insurtech email newsletter - sign up today