Allstate Irene Losses are Less Than Tornadoes Last Year, Shares Up Nearly 1%
Allstate Corp (NYSE:ALL), the largest publicly traded home and auto insurer (NYSE:KIE) in the United States, lost $500 million on Hurricane Irene, which is significantly less than it lost from tornadoes earlier this year. Allstate now expects $735 million total pre-tax catastrophe losses for the month of August.
Shares are up about 0.88% and trade at $25.12. The company trades at a P/E ratio of about 24 which is much higher than its industry peers. The company trades at a sales multiple of 0.40 which is lower than its industry rivals. Technically, shares trade well below their declining 50 and 200 day moving averages. The MACD is bullish while RSI is pointing up at 46.
The news is affecting all the casualty and property insurers today: ACE Ltd. (NYSE:ACE), XL Group (NYSE:XL), PartnerRe (NYSE:PRE) Everest Re (NYSE:RE), Travelers Cos. (NYSE:TRV), Chubb Corp. (NYSE:CB), American Financial Group (NYSE:AFG), American International Group (NYSE:AIG).