Allstate Faces Major Losses from Hurricane Helene

The latest update is out from Allstate ( (ALL) ).

Allstate Corporation reports significant catastrophe losses totaling $1.70 billion pre-tax for the third quarter of 2024, largely due to Hurricane Helene, with year-to-date losses reaching $4.55 billion. The company also conducted a run-off reserve review, resulting in unfavorable adjustments, and implemented rate increases for auto insurance, impacting premiums by 6.3% year-to-date. These financial updates highlight the volatile nature of catastrophe impacts and strategic rate adjustments in the insurance industry.

For detailed information about ALL stock, go to TipRanks’ Stock Analysis page.