Allstate Releases Estimated Insurance Losses After Harvey

NEW YORK (AP) — Allstate expects insurance losses of about $593 million in August after Hurricane Harvey left a path of destruction along the Gulf Coast.

The insurer said Thursday that the losses are more than three times $181 million in the previous month.

Harvey made landfall in Texas on August 25. More than half the losses from that storm are related to vehicle damage.

The insurer, based just outside of Chicago, says that because of widespread damage and the inability of people to get to their homes or cars, its estimated losses may grow. Hurricane Irma slammed into Florida this month.

Last week the German re-insurer, which cover losses from insurers, was the first to warn that it may not meet previous financial goals following the one-two punch of Harvey and Irma.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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