NORTHBROOK, Ill.,
April 21, 2016 /PRNewswire/ -- In the wake of severe
hailstorms in the southern United
States, The Allstate Corporation (NYSE: ALL) today announced
estimated catastrophe losses for the month of March 2016 of
$638 million, pre-tax ($415 million after-tax), and an estimated
$827 million, pre-tax ($538 million after-tax), for first quarter 2016.
Catastrophe losses occurring in the first quarter comprised 17
events at an estimated cost of $830
million, pre-tax, partially offset by a minor reserve
reestimate of prior reported catastrophe losses.
"Our purpose is to protect our customers from life's
uncertainties and severe hailstorms like this are why Allstate
exists," said Thomas J. Wilson,
Allstate chairman and chief executive officer. "These storms, one
of which ranks as the largest hailstorm to ever impact Allstate,
produced unusually heavy damage to both homes and cars given the
size of hail and wind speeds. We have deployed over 1,200 claim
professionals to assist local Allstate agencies in handling the
more than 39,000 claims reported to date to ensure our
policyholders can start the recovery and rebuilding process as
quickly as possible."
Two severe hail events, primarily impacting the state of
Texas in March, accounted for
two-thirds of the catastrophe losses for the quarter. The larger of
the two storms occurred on March 23,
2016, extended from Texas
to Florida and produced violent
thunderstorms with 2.5" hail and 65 mph winds in Texas, and 1" hail and similar winds in
Florida. The smaller of the two
events occurred during morning rush hour on March 17, 2016 and produced hail as large as
2.75" in Texas and 1.75" as it
moved east into Louisiana. The
cities of Fort Worth and
Arlington, Texas, saw the greatest
amount of damage from the storm. Allstate's claim volume has been
heaviest in Collin, Dallas and Tarrant counties where the Allstate brand has
estimated market share greater than its statewide average.
Allstate expects to file a current report on Form 8-K with the
Securities and Exchange Commission announcing first quarter 2016
results at or after 4:15 p.m. ET on
Wednesday, May 4.
The Allstate Corporation (NYSE: ALL) is the nation's largest
publicly held personal lines insurer, protecting approximately 16
million households from life's uncertainties through auto, home,
life and other insurance offered through its Allstate, Esurance,
Encompass and Answer Financial brand names. Now celebrating its
85th anniversary as an insurer, Allstate is widely known through
the slogan "You're In Good Hands With Allstate®." The
Allstate brand's network of small businesses offers auto, home,
life and retirement products and services to customers in
the United States and Canada.
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 speak only as of the date on which
they are made, and we assume no obligation to update or revise any
forward-looking statement.
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SOURCE The Allstate Corporation