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posted: 10/15/2020 3:16 PM

Wildfires add to Allstate’s third quarter catastrophe losses

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NORTHBROOK -- The Allstate Corp. Thursday announced estimated catastrophe losses for the month of September of $339 million, mostly because of wildfires out West.

Allstate previously announced $651 million in estimated catastrophe losses for July and August, bringing estimated catastrophe losses for the third quarter to $990 million.

Catastrophe losses in September included 20 events at an estimated cost of $293 million, plus unfavorable reserve re-estimates. Eleven wildfire events across California, Oregon and Washington accounted for approximately 65% of September insurance claim losses.

Unfavorable reserve re-estimates during the month of September primarily related to $64 million of reserve strengthening, net of anticipated reinsurance recoveries, following Hurricane Laura in Louisiana, the company said.