Catastrophes continue to drive down second-quarter results for insurers as both domestic carriers and Bermuda companies report net-income declines and even losses, headlined by Allstate's $620 million second-quarter loss.
Allstate's loss compares to 2010 second-quarter net income of $145 million. The Northbrook, Ill.-based insurer says it suffered more than $2.3 billion in catastrophe losses from 30 events in the quarter. The events include 25 wind and hailstorms, five tornadoes and several wildfires, accounting for 36.2 points to Allstate's 123.3 second-quarter combined ratio.
Addressing reports of a decline in morale among agents, President and CEO Thomas J. Wilson said during a conference call that he recently met with more than a dozen senior vice presidents who work the agency field, as well as with 1,000 of the company's top agent performers, and they are "highly supportive of our strategy" and are focused on what he termed the Personal Touch loyalist segment.
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