SSREF - Allstate Recovers Over $700m From Reinsurance In Q4 2018
U.S. primary insurance giant Allstate revealed that it made over $700 million of reinsurance recoveries in the fourth-quarter of 2018, as the impacts of losses largely from the California wildfires and Hurricane Michael triggered its protection.
Hurricane Michael and the Camp and Woolsey wildfires in California made up the bulk of Allstate's losses during the period, accounting for around 85% of the insurers recorded catastrophe losses in the quarter.
On a gross basis, Allstate suffered somewhere around $1.663 billion of catastrophe losses during the quarter, but after the recoveries from its reinsurance program, the insurer