Allstate Corp. Reports Estimated Catastrophe Losses Of $889 Mln For September

(RTTNews) - Insurer Allstate Corp. (ALL) announced Thursday estimated catastrophe losses of $889 million or $702 million, after-tax, for the month of September 2024. This includes $630 million, pre-tax, related to Hurricane Helene.

The company reported that total catastrophe losses for the third quarter were $1.70 billion or $1.35 billion, after-tax. During the third quarter, the Company performed its annual run-off property-liability reserve review, which resulted in unfavorable reserve reestimates totaling $58 million or $46 million, after-tax.

Total catastrophe losses for September year-to-date were $4.55 billion or $3.60 billion, after-tax.

Allstate said its rate increases for Allstate brand auto insurance resulted in a premium impact of 2.9% in the third quarter and 6.3% year-to-date.