Allstate sees February catastrophe losses $211M, or $167M after-tax

In a regulatory filing, Allstate announced estimated catastrophe losses for the month of February of $211M or $167M, after-tax. Catastrophe losses for February events were estimated at $241M, related to nine events primarily from wind and rain that were geographically widespread, partially offset by favorable reserve re-estimates for prior events. Catastrophe losses for January and February totaled $518M, pre-tax. "Allstate 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 brand premium impact of 0.5% which are expected to raise annualized written premiums by approximately $127 million," said Jess Merten, CFO of The Allstate Corporation. Our implemented auto rate exhibit has been posted on allstateinvestors.com.