Natural disasters continue to plague the property/casualty industry, and Allstate Corp. is the latest carrier to report a difficult quarter as a result. The insurer took a hit in its third quarter, saying natural disasters will cost the company $1.08 billion before taxes, including $215 million in September. The announcement yesterday follows Allstate’s report of a $2 billion in cat losses in its second quarter, resulting in a net loss of $620 million.
Allstate previously estimated cat losses for July and August at $865 million, with $500 million related to Hurricane Irene (Best's News Service, Sept. 15, 2011). The company announced earlier this year that it would update monthly and quarter-to-date estimates for such losses when they exceed $150 million per month.
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