Allstate Corp. Reports Estimated Catastrophe Losses For July

(RTTNews) - Insurer Allstate Corp. (ALL) announced Thursday estimated catastrophe losses for the month of July 2022 of $223 million or $176 million, after-tax.

Catastrophe losses in July included 12 events, primarily wind and hail, that were geographically widespread, estimated at $233 million, partially offset by favorable reserve reestimates for prior period events.

Allstate said it will continue to implement significant rate actions in the second half of 2022 in response to inflationary increases to auto insurance severities.

During the month of July, the Allstate brand implemented rate increases of 8.9% across 6 locations, resulting in total Allstate brand insurance premium impact of 1.0%.

Allstate brand also implemented auto rate increases totaling $240 million in the month of July, after implementing $1.5 billion in the previous two quarters.