Allstate Corporation (NYSE: ALL) has reported estimated catastrophe losses for the month of September 2024 at $889 million or $702 million after-tax, including $630 million pre-tax related to Hurricane Helene. This brings the total catastrophe losses for the third quarter to $1.70 billion or $1.35 billion after-tax, and the total catastrophe losses for September year-to-date to $4.55 billion or $3.60 billion after-tax.
In addition, during the third quarter of 2024, the company conducted its annual run-off property-liability reserve review, resulting in unfavorable reserve reestimates totaling $58 million or $46 million after-tax.
On the positive side, rate increases for the Allstate brand auto insurance had a premium impact for rates implemented of 2.9% in the third quarter and 6.3% year-to-date. This includes rate increases approved by the departments of insurance in New York, New Jersey, and Texas this quarter. The implemented rate exhibit for auto and homeowners insurance has been posted on the company's website.
These figures reflect a significant impact on Allstate's financials in the third quarter, with both catastrophe losses and reserve reestimates contributing to the overall picture. As a result of these announcements, the company's shares have moved 0.5% on the market, and are now trading at a price of $196.55. If you want to know more, read the company's complete 8-K report here.