image credit: Adobe Stock

Natural disasters cost Allstate $864M in two-month span, triggering rate hikes

September 27, 2023

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.

Read More on Repairer Driven News