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ALLSTATE ESTIMATES $1 BILLION IN CUSTOMER LOSSES FROM HURRICANE ANDREW

ALLSTATE ESTIMATES $1 BILLION IN CUSTOMER LOSSES FROM HURRICANE ANDREW
 NORTHBROOK, Ill., Sept. 4 /PRNewswire/ -- Allstate Insurance Co. announced today that it expects an estimated 165,000 policyholder claims from Hurricane Andrew totaling in excess of $1 billion in damages. Based on this estimate, the after-tax impact on Allstate earnings would be approximately $700 million.
 Allstate Chairman of the Board and Chief Executive Officer Wayne E. Hedien stated that the company's primary concern is the welfare of its customers. "From a financial standpoint, we are a very solid company," he stated. "We have nearly $8 billion in surplus for catastrophes like Andrew.
 "We will do our best to help our customers get their lives back to normal as quickly as possible. Our first priority is to continue providing financial and other assistance to those who have been driven from their homes and businesses by Andrew," Hedien stated. He asked for the patience of policyholders who have less severe damage, stating, "With the enormity of this disaster the rebuilding process may take longer than usual, but we will work with our customers for as long as it takes."
 Allstate has been mobilized in Florida and Louisiana since the hurricane hit last week. It has brought in more than 1,100 out-of- state claim personnel to assist the nearly 2,000 employees already located in both states. The company has established 800 numbers for reporting claims, set up catastrophe centers in the affected areas and has made available claim personnel countrywide to accept loss information from customers.
 To date, Allstate is actively working on the more than 84,000 customer claims already reported. The company will continue its efforts to provide advance payment for food, clothing, temporary housing and other living expenses to its policyholders affected by Hurricane Andrew.
 -0- 9/4/92
 /CONTACT: Bob Lapinski or Al Orendorff 708-402-5600, for Allstate Insurance/ CO: Allstate Insurance Co. ST: Illinois IN: INS SU:


LR -- NY010 -- 6824 09/04/92 09:29 EDT
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Publication:PR Newswire
Date:Sep 4, 1992
Words:329
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