Allstate Announces August 2020 Catastrophe Losses
NORTHBROOK, Ill., September 17, 2020 – The Allstate Corporation (NYSE: ALL) today announced estimated catastrophe losses for the month of August of $985 million, pre-tax ($778 million, after-tax).
Catastrophe losses occurring in August comprised 11 events at an estimated cost of $969 million, pre-tax ($766 million, after-tax), plus unfavorable prior period reserve reestimates. Estimated catastrophe losses for the month include the impacts of Hurricane Laura ($430 million, pre-tax) and Hurricane Isaias ($200 million, pre-tax).
Allstate previously announced that the impact of PG&E recoveries and July 2020 catastrophe losses generated income of $334 million, pre-tax ($264 million, after-tax), bringing estimated catastrophe losses for July and August 2020 to $651 million, pre-tax ($514 million, after-tax).
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This news release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent annual report on Form 10-K. Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.
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