Allstate reported $551 million in catastrophe losses in August alone, prompting the insurer to implement 7% rate increases throughout five locations.
When announcing its catastrophe losses, which totaled $864 million pre-tax for July and August combined, Allstate said the Maui wildfires accounted for about half of last month’s losses.
Favorable reserve reestimates for prior estimates helped offset the payouts, said Allstate, which has reported catastrophe losses and subsequent rate increases during every month of the year.
