The earliest range of estimates of insured losses for Hurricane Dolly only reached $1.2 billion--good news for some large property-casualty insurers whose second-quarter financial results were punished by record storm losses in the quarter.
Northbrook, Ill.-based Allstate was perhaps the most visible among insurers to suffer storm damage from a portion of the chart-topping property catastrophe insurance losses tallied for the second quarter, which Property Claims Services said amounted to $6 billion for the industry overall.
At Allstate, $698 million in pretax catastrophe losses--the highest second-quarter total reported in its 77-year history--were among several factors bringing net income down to just $25 million for the quarter, compared to $1.4 billion in second-quarter 2007.
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