Allstate Records $630M In Losses From Hurricane Helene, Other Insurers Report Significant Losses As Damage Mounts
Portfolio Pulse from Erica Kollmann
Allstate Corp reported $630 million in losses from Hurricane Helene, contributing to a total of $889 million in catastrophe losses for September 2024. Other insurers like Progressive and Travelers also reported significant losses. Moody's RMS estimates total insured losses from recent hurricanes to be between $35 billion and $55 billion.
October 17, 2024 | 10:29 pm
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Allstate Corp reported $630 million in losses from Hurricane Helene, with total catastrophe losses for September reaching $889 million, more than double the previous year.
Allstate's significant increase in catastrophe losses due to Hurricane Helene is likely to negatively impact its stock price in the short term as investors react to the increased financial strain.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Progressive Corp reported $563 million in catastrophe losses in September due to Hurricane Helene.
Progressive's substantial losses from Hurricane Helene are likely to negatively impact its stock price as investors assess the financial impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 80
NEGATIVE IMPACT
Travelers Companies reported $939 million in catastrophe losses for Q3 2024 due to Hurricane Helene, an increase of $89 million from last year.
Travelers' increased catastrophe losses from Hurricane Helene are likely to negatively impact its stock price as the financial burden becomes apparent to investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 80