(source: Allstate Press Release)
The Allstate Corp. has announced that its pre-tax catastrophe losses
related to Hurricane Charley are estimated to be approximately $425
million net recoveries from the Florida Hurricane Catastrophe Fund.
The estimate includes losses on Florida personal lines auto and property
policies, net losses on commercial policies and a low level of losses
experienced in North and South Carolina.
Hurricane Charley, a Category 4 hurricane, struck Florida on August
13. As of the end of August, 55,600 claims have been received from policyholders
of the various Allstate subsidiaries doing business in Florida and elsewhere
for damage caused by the hurricane.
"We know that this is a particularly difficult time for residents
in Hurricane Charley's path and hundreds of claims personnel are on
the scene helping customers restore their lives," said chairman,
president and chief executive officer Edward M. Liddy.
Residents of Florida are now preparing for the possible impact of Hurricane
Frances, expected to hit land this weekend or early next week. A report
from the Weather Channel indicates that Frances has weakened a bit as
it passed across the Bahamas, downgrading to a Category 3 but sources
indicate that the course of the weather system remains uncertain and
could once again pick up speed as it reenters open water.
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