Allstate estimates of January catastrophe losses $307M

The Allstate Corporation announced estimated catastrophe losses for the month of January of $307M or $243M, after-tax. Catastrophe losses for January events were estimated at $309M, related to nine events primarily in Texas and California, partially offset by favorable reserve reestimates for prior events. "Allstate continued to implement significant auto insurance rate actions in response to inflationary increases to loss costs. During the month of January, the Allstate brand implemented auto rate increases of 9.9% across 13 locations, resulting in total brand premium impact of 0.7% which are expected to raise annualized written premiums by approximately $182M," said Jess Merten, Chief Financial Officer of The Allstate Corporation.