The Allstate Corporation announced estimated catastrophe losses for October 2024 totaling $286 million, or $226 million after-tax. These losses included a $102 million pre-tax impact from Hurricane Milton, a new significant weather event. Additionally, the company reported unfavorable reserve reestimates of $144 million pre-tax related to Hurricane Helene, primarily affecting Georgia, South Carolina, and North Carolina.
The cumulative catastrophe losses for October year-to-date reached $4.84 billion, or $3.82 billion after-tax. This indicates a continued trend of elevated weather-related claims impacting the insurer's financial results. The reestimates for Hurricane Helene highlight the ongoing assessment and adjustment of prior period claims.
This announcement provides investors with an updated view of the company's exposure to natural disasters and the effectiveness of its reserving practices. The impact of Hurricane Milton and the adjustments for Helene underscore the volatility inherent in the property-liability insurance business.
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