Allstate puts Irene losses at $500mn
US giant Allstate has said it will take a $500mn loss from Hurricane Irene, its maximum possible loss from the event.
The firm's reinsurance arrangements trigger for claims above this threshold, although the insurer did not state whether it had in fact received higher gross losses that would be covered by reinsurance.
Allstate faced a total of $735mn catastrophe losses in August including the damage from Irene, taking third quarter claims to $865mn for the first two months of the...
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