Allstate estimates Q3’24 catastrophe losses of $1.7bn with $630m from hurricane Helene

US primary insurer Allstate reported estimated catastrophe losses of $889 million ($702 million after tax) for September, which includes $630 million in pre-tax losses related to Hurricane Helene, with total catastrophe losses for the third quarter standing at $1.7 billion ($1.35 billion after tax).

For the month of August, Allstate reported estimated catastrophe losses of $272 million, and for July, $587 million.

Additionally, Allstate noted that total year-to-date losses for September reached $4.55 billion ($3.6 billion after tax).

Compared to September 2023, this year’s catastrophe losses are higher, as last year saw $317 million in pre-tax losses.

This year’s third-quarter loss estimates were also higher than those for Q3’23, which were estimated at $1.18 billion.

During the third quarter of 2024, the company conducted its annual run-off property-liability reserve review, resulting in unfavourable reserve reestimates totaling $58 million ($46 million after tax).

Rate increases for Allstate brand auto insurance led to a premium impact of 2.9% for rates implemented in the third quarter and 6.3% year-to-date, including rate increases approved by the Departments of Insurance in New York, New Jersey, and Texas during this quarter.

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