NORTHBROOK, Ill., Oct. 16, 2014 /PRNewswire/ -- The Allstate
Corporation (NYSE: ALL) today announced estimated catastrophe
losses for the month of September 2014 of $250 million, pre-tax ($163 million after-tax), and an estimated
$517 million, pre-tax ($336 million after-tax), for third quarter 2014.
Catastrophe losses occurring in the third quarter comprised 29
events at an estimated cost of $384
million, pre-tax, plus increased reserve reestimates of
prior reported catastrophe losses. One severe weather event,
primarily in the state of Colorado
on September 29, 2014, accounted for
over a third of catastrophe losses that occurred in the third
quarter. The reserve reestimates are due to higher than anticipated
reported property claims related to two severe weather events in
the second quarter of 2014.
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 its Allstate,
Encompass, Esurance and Answer Financial brand names and Allstate
Financial business segment. 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 and Risk Factors
This news
release contains forward-looking statements about catastrophe
losses. These statements are based on our estimates and assumptions
that are subject to uncertainty. These statements are made subject
to the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. Management believes the estimated impact of
catastrophe losses, including net loss reserves, are appropriately
established and recorded based on available facts, information,
laws and regulations. However, actual results may differ materially
from those projected in the forward-looking statements in this news
release and from the amounts currently recorded for a variety of
reasons, including the following:
- Our policyholders' ability to report and our ability to adjust
claims may have been impeded by the extent of the devastation and
the number of areas affected.
- It is particularly difficult to assess the extent of damage in
the initial stages of adjusting residential property losses.
- Our estimate for the ultimate costs of repairs may not prove to
be correct because of increased demand for services and supplies in
the areas affected by the catastrophes.
- The number of incurred but not reported (IBNR) claims may be
greater or less than currently anticipated.
We assume no obligation to update any forward-looking statements
as a result of new information or future events or
developments.
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SOURCE The Allstate Corporation