Allstate Corp. Reports Estimated Catastrophe Losses For February Of $211 Mln

(RTTNews) - Insurer Allstate Corp. (ALL) announced Thursday estimated catastrophe losses for the month of February 2023 of $211 million or $167 million, after-tax.

Catastrophe losses in February estimated at $241 million, related to nine events primarily from wind and rain that were geographically widespread. This was partially offset by favorable reserve reestimates for prior events. Catastrophe losses for January and February totaled $518 million, pre-tax.

Allstate said it continued to implement significant auto insurance rate actions in response to inflationary increases to loss costs.

During the month of February, the Allstate brand implemented auto rate increases of 7.6% across 10 locations, resulting in total Allstate brand insurance premium impact of 0.5%.