Allstate Corp. doesn’t announce third quarter earnings until Halloween but today it released some scary September pretax catastrophe losses.
In keeping with its initiative to announce monthly catastrophe losses that total at least $150 million, the Northbrook, Illinois insurer said it expects pretax catastrophe losses for September of $889 million, including $630 million attributed to Hurricane Helene.
Total catastrophe losses for the third quarter were $1.7 billion pretax, and losses from catastrophes for the year as of the end of September are more than $4.5 billion, the company said. Allstate said it recorded pretax catastrophe losses of about $2.1 billion in the second quarter.
Allstate also added news on its annual property-liability reserve review in the third quarter, which resulted in unfavorable reserve development of $58 million pretax.
The insurer had used it monthly report to provide updates on implemented home and auto insurance rate increases. The practice stopped in March but Allstate started it back up for September to report rate increases for Allstate brand auto insurance in 28 locations resulted in a premium impact of 2.9% in the third quarter, which includes rate increases approve in Q3 by New York, New Jersey, and Texas.
Topics Catastrophe Profit Loss Allstate
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