Allstate, the US primary insurer has reported estimated catastrophe losses of $286 million for the month of October, which includes $102 million, pre-tax from hurricane Milton, taking total catastrophe losses for October year-to-date to $4.84 billion or $3.82 billion, after-tax.
Allstate’s $286 million ($226 million after-tax) catastrophe losses for October also included unfavorable reserve reestimates of $144 million, pre-tax, related to hurricane Helene, primarily in Georgia, South Carolina and North Carolina.
In August, Allstate reported estimated catastrophe losses of $272 million, and in July, the insurer reported its total catastrophe losses reached $587 million, which included an initial loss estimate of $226 million for hurricane Beryl.
Going back further, Allstate’s catastrophe losses for April and May 2024 reached $1.89 billion, a significant increase compared to the nearly $1.7 billion reported for the same period in 2023.
The 2024 figure includes $494 million in losses for April, with the remaining amount attributed to May’s events.
The company’s estimated catastrophe losses for March were $328 million ($259 million after-tax), which included six events estimated at $343 million ($271 million after-tax); this was reportedly somewhat offset by favourable reserve reestimates for prior events.
Looking back at the third quarter of 2024, Allstate posted $1.7 billion in catastrophe losses, 44.2% higher compared to the $1.1 billion figure posted in Q3 2023.
The firm’s catastrophe losses in Q2 2024 fell to $2.1 billion, compared to the $2.7 billion figure that was posted in the same quarter of 2023.
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