Allstate Announces September and Third Quarter 2024 Catastrophic Losses, Run-off Reserve Revisions and Utilization Estimates for Third Quarter 2024
NORTHBROOK, Ill., October 17, 2024 – Allstate Corporation (NYSE: ALL) today announced an estimated disaster loss for the month of September of $889 million or $702 million, after tax, including $630 million, previous tax, related to Hurricane. Helen. Total catastrophe losses in the third quarter were $1.70 billion or $1.35 billion, after tax, and total catastrophe losses in September year-over-year were $4.55 billion or $3.60 billion, after tax.
During the third quarter of 2024, the Company performed its annual review of the credit protection facility, which resulted in a negative revaluation of the reserves amounting to $58 million or $46 million, after tax.
Allstate auto insurance rate increases resulted in a premium impact of rates applied by 2.9% in the third quarter and 6.3% year to date, including rate increases approved by the Departments of Insurance in New York, New Jersey and Texas this quarter. . Our used auto and homeowners insurance quotes are posted at www.allstateinvestors.com.
Financial information, including material announcements relating to Allstate Corporation, is posted regularly at 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 necessarily relate to historical or current facts and can be identified by their use of words such as “plans,” “intends,” “expects,” “will,” “should,” “expects,” “estimates,” “intends,” “believes ,” “possible,” “intended” 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 to be inaccurate or if other risks or uncertainties arise, actual results may differ materially from those expressed in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, forward-looking statements can be found in our filings with the US 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 they are made, and we assume no obligation to update or revise any forward-looking statement.
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