Allstate Announces June 2021 and Second Quarter 2021 Catastrophe Losses

Rhea-AI Summary

The Allstate Corporation (NYSE: ALL) reported estimated catastrophe losses of $195 million for June, or $154 million after-tax. For Q2, the total catastrophe losses reached $752 million, after-tax. June's losses stemmed from 11 events, costing approximately $178 million, with three major incidents in the Midwest contributing to about 70% of the month's losses. The company continues to provide financial updates on their investor relations website.

Positive

• Estimated catastrophe losses for June are lower on an after-tax basis than reported total.
• Majority of June losses are attributed to identifiable events in the Midwest, aiding in future planning.

Negative

• Total catastrophe losses for Q2 amount to a significant $752 million after tax, indicating a high impact on profitability.
• The frequency of severe weather events could indicate increasing risk exposure for the company.

The Allstate Corporation (NYSE: ALL) today announced estimated catastrophe losses for the month of June of $195 million or $154 million, after-tax. Catastrophe losses for the second quarter totaled $752 million, after-tax.

Catastrophe losses in June comprised 11 events at an estimated cost of $178 million plus unfavorable prior period reserve estimates. Three large wind, hail and rain events, primarily impacting the Midwest, accounted for approximately 70% of June estimated catastrophe losses.

Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.

Forward-Looking Statements
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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210715005617/en/

FAQ

What were Allstate's catastrophe losses for June 2023?

Allstate reported estimated catastrophe losses of $195 million for June 2023.

How much were Allstate's catastrophe losses for Q2 2023?

The total catastrophe losses for Q2 2023 reached $752 million after tax.

What caused the majority of Allstate's June catastrophe losses?

The majority of June's catastrophe losses were due to three major weather events in the Midwest.

What percentage of June's catastrophe losses were from major events?

Approximately 70% of June's estimated catastrophe losses were attributed to three large wind, hail, and rain events.