November 28, 2012 / 2:41 PM / in 5 years

Allstate estimates October disaster loss at $1.08 billion

1 Min Read

(Reuters) - Allstate Corp (ALL.N) expects to report October disaster losses of $1.08 billion, mostly due to superstorm Sandy, the home and auto insurer said on Wednesday.

Allstate, the largest publicly traded home and auto insurer in the country, said its gross losses were $1.28 billion but that it expected to recover about $200 million in reinsurance.

Two-thirds of the losses are in New York state, the insurer said, while 20 percent are in New Jersey and the rest are elsewhere. Allstate said it had already paid $340 million in claims as of last Monday.

Sandy is expected to be the second-costliest disaster in U.S. history, behind only Hurricane Katrina. Industry experts estimate insured losses of as much as $25 billion, excluding any claims paid by the federal flood insurance program.

Allstate's Sandy losses are not as severe, though, as the $1.4 billion hit the company took from tornadoes in April 2011.

Reporting by Ben Berkowitz; Editing by Lisa Von Ahn

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below