Allstate Corp. reported $172 million in estimated pre-tax catastrophe losses for October, stemming in part from higher than anticipated reported claims during the winter in early 2015.
Broken down, Allstate said that seven events in October produced $142 million in pre-tax losses, plus increased reserve estimates of prior reported catastrophe losses.
The loss number for the month comes in at $112 million after taxes.
News of Allstate’s October estimated catastrophe loss comes after the insurer said its third-quarter profit plunged 17 percent due to higher claims and slower policy growth for its auto insurance arm.
Allstate said its Q3 net income dropped to $650 million, or $1.54 per share, versus $781 million, or $1.74 in the 2013 third quarter.
The auto and home insurance giant said that it experienced $270 million in catastrophe losses during Q3 versus $517 million in the same, year-ago quarter.
To help counter this, Allstate noted 3.4 percent rate increases for its auto insurance, approved through September.