Published on 21 Jan 2022 on Zacks via Yahoo Finance
Allstate (ALL) Announces December and Q4 Cat Loss Estimates
The Allstate Corporation ALL projects a headwind of $411 million, pre-tax or $325 million after-tax in December 2021 related to catastrophe losses incurred in the month.
Catastrophe losses for December primarily stemmed from events bearing an estimated cost of $381 million and unfavorable reserve reestimates. 78% of the month’s anticipated catastrophe losses stemmed from the Marshall Fire and December tornados. The Marshall Fire broke out in Colorado last month, which is expected to result in $218 million losses.
Concurrently, the property and casualty (P&C) insurer is likely to incur pre-tax catastrophe losses worth $528 million in the fourth quarter of 2021.