Allstate October Catastrophe Losses of $286M Include Milton, Helene

Allstate today said it estimated pretax catastrophe losses of $286 million for the month of October.

Losses during October included $102 million, pretax, from Hurricane Milton as well as $144 million in unfavorable reserve reestimates from Hurricane Helene primarily from Georgia, South Carolina, and North Carolina.

For the month of September, Allstate said it expected pretax catastrophe losses of $889 million, including $630 million attributed to Hurricane Helene.

The Northbrook, Illinois-based insurer announces monthly catastrophe losses when the total is at least $150 million. Allstate has used the announcement to update its home and auto rate increases but no such information was included for October.

Allstate late last month reported third quarter net income of about $1.2 billion compared to a loss of $41 million during the same time a year ago. The insurer absorbed third quarter catastrophe losses of $1.7 billion, or about 44% more than a year ago during the same period.

Allstate said today its total year-to-date pretax catastrophe losses as of October 31 were $4.84 billion.

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