Allstate Announces September and Third Quarter 2024 Catastrophe Losses, Run-off Reserve Review and Third Quarter 2024 Implemented Rates
17 October 2024 - 11:06PM
Business Wire
The Allstate Corporation (NYSE: ALL) today announced estimated
catastrophe losses for the month of September of $889 million or
$702 million, after-tax, including $630 million, pre-tax, related
to Hurricane Helene. Total catastrophe losses for the third quarter
were $1.70 billion or $1.35 billion, after-tax, and total
catastrophe losses for September year-to-date were $4.55 billion or
$3.60 billion, after-tax.
During the third quarter of 2024, the Company performed its
annual run-off property-liability reserve review, which resulted in
unfavorable reserve reestimates totaling $58 million or $46
million, after-tax.
Rate increases for Allstate brand auto insurance resulted in a
premium impact for rates implemented of 2.9% in third quarter and
6.3% year-to-date, which includes rate increases approved by the
Departments of Insurance in New York, New Jersey and Texas this
quarter. Our implemented rate exhibit for auto and homeowners
insurance has been posted on www.allstateinvestors.com.
Financial information, including material announcements about
The Allstate Corporation, is routinely posted on
www.allstateinvestors.com.
Forward-Looking Statements
This news release contains “forward-looking statements” that
anticipate results based on our estimates, assumptions and plans
that are subject to uncertainty. These statements are made subject
to the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements do not relate
strictly to historical or current facts and may be identified by
their use of words like “plans,” “seeks,” “expects,” “will,”
“should,” “anticipates,” “estimates,” “intends,” “believes,”
“likely,” “targets” and other words with similar meanings. We
believe these statements are based on reasonable estimates,
assumptions and plans. However, if the estimates, assumptions or
plans underlying the forward-looking statements prove inaccurate or
if other risks or uncertainties arise, actual results could differ
materially from those communicated in these forward-looking
statements. Factors that could cause actual results to differ
materially from those expressed in, or implied by, the
forward-looking statements may be found in our filings with the
U.S. Securities and Exchange Commission, including the “Risk
Factors” section in our most recent annual report on Form 10-K.
Forward-looking statements are as of the date on which they are
made, and we assume no obligation to update or revise any
forward-looking statement.
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Nick Nottoli Media Relations (847) 402-5600
Allister Gobin Investor Relations (847) 402-2800
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