The Allstate Corporation (ALL Quick QuoteALL ) estimates a headwind of $876 million or $692 million after tax. Catastrophe losses for July and August totaled $1.1 billion pretax.
The havoc was caused by 11 weather-related occurrences. Hurricane Ida impacted 19 states with the majority of losses occurring in Louisiana, resulting in gross losses of $1.4 billion. Net losses are estimated at $631 million pretax ($498 million after tax), reflecting anticipated reinsurance recoveries.
Hurricane Ida, which hit Louisiana and other Northeast areas, was of great intensity and is estimated to have induced insured losses in the range of $20-$30 billion. Insurers like CNA Financial Corp. (CNA Quick QuoteCNA ) , American International Group Inc. (AIG Quick QuoteAIG ) , Chubb Ltd. (CB Quick QuoteCB ) and The Travelers Cos. Inc. (TRV) will suffer claims from Hurricane Ida this quarter as they have business exposure in these highly affected areas.
Best Insurance Stocks To Invest In Right Now: QuinStreet, Inc.(QNST)
QuinStreet, Inc., an online performance marketing company, provides customer acquisition programs for its clients in the United States and internationally. It operates through DMS segment. The company offers online marketing services to its clients in the form of qualified leads, inquiries, clicks, calls, applications, customers, display advertisements, or impressions through its Websites or third-party publishers. It owns and operates various Websites, such as schools.com, onlinedegrees.com, and alliedhealthworld.com in education client vertical; carinsurance.com, insurance.com, insure.com, cardratings.com, and moneyrates.com in financial services client vertical; eweek.com and itbusinessedge.com in business-to-business technology client vertical; reliableremodeler.com and improvementcenter.com in home services client vertical; and eldercarelink.com in medical client vertical. The company was founded in 1999 and is headquartered in Foster City, California.