The Allstate Corporation announced estimated catastrophe losses for September 2024 totaling $889 million, or $702 million after-tax. A substantial portion of these losses, $630 million pre-tax, was attributed to Hurricane Helene. This event significantly contributed to the overall catastrophe impact for the month.
Total catastrophe losses for the third quarter of 2024 reached $1.70 billion, or $1.35 billion after-tax. Year-to-date catastrophe losses through September amounted to $4.55 billion, or $3.60 billion after-tax, highlighting a challenging period for weather-related claims. The company also completed its annual run-off property-liability reserve review, resulting in unfavorable reserve reestimates of $58 million, or $46 million after-tax.
In a strategic move to address rising costs, Allstate implemented rate increases for its auto insurance brand. These rate adjustments resulted in a premium impact of 2.9% in the third quarter and 6.3% year-to-date, including approvals in key markets such as New York, New Jersey, and Texas. These rate increases are crucial for restoring and maintaining underwriting profitability amidst elevated claims costs.
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