Allstate estimates gross catastrophe loss of $576m from Hurricane Harvey, excluding homeowners flood.
The net loss after reinsurance recoveries is estimated to be $553m, with 55% of the losses coming from auto coverage.
The firm acknowledged that there was a still uncertainty around the estimate saying: “Given the complexity of this event, we may experience a higher level of uncertainty in our estimates due to the inability of our customers to gain access to their homes and autos and submit claims.”
Allstate is the second largest personal lines insurer in the US, and according to AM Best, the second largest private auto and homeowners writer in Texas. Based on direct premiums written, Allstate’s US market share of 12.68% is second only to State Farm’s of 21.49%.
Moody’s also states that of Allstate’s near $1.1bn in direct premiums written in Texas constitutes 14% of its countrywide homeowners and farm-owners premiums.