Allstate takes $3.68bn Katrina hit, may buy more reinsurance
Giant US primary personal lines insurer, Allstate has unveiled a pre-tax Hurricane Katrina claims of $3.68bn. The company said that based on historical recorded tropical storm activity, a catastrophe modeler had estimated that the likelihood of a hurricane surpassing this level of losses in Louisiana, Mississippi and Alabama will occur has an annual probability of 0.2%.
The firm revealed catastrophe claims and claims expense estimates from approximately 216,000 expected claims of which over 175,000 claims had been reported as of October 13th. The claims are brokenOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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