Allstate estimates July catastrophe losses $313M or $247M, after-tax

The Allstate Corporation announced estimated catastrophe losses for the month of July of $313M or $247M, after-tax. July month catastrophe losses include 18 events estimated at $349M primarily related to geographically widespread wind and hail events, partially offset by favorable reserve reestimates for prior events. During the month of July, the Allstate brand implemented auto rate increases of 8.2% across 12 locations, resulting in total brand premium impact of 0.9%. “Allstate continued to implement significant auto and homeowners insurance rate actions as part of our comprehensive plan to improve profitability. Since the beginning of the year, rate increases for Allstate brand auto insurance have resulted in a premium impact of 8.4%, which are expected to raise annualized written premiums by approximately $2.19B and rate increases for Allstate brand homeowners insurance have resulted in a premium impact of 7.8%, which are expected to raise annualized written premiums by approximately $804 million. Implemented rate increases and inflation in insured home replacement costs resulted in a 14.1% increase in homeowners insurance average gross written premium in July 2023 compared to the prior year,” said Jess Merten, Chief Financial Officer of The Allstate Corporation. Our implemented rate exhibit for auto and homeowners insurance has been posted on allstateinvestors.com.