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Allstate (ALL) Says October Catastrophe Loss Estimated At $1.08B

 November 28, 2012 10:41 AM

(By Balachander) Allstate Corp. (NYSE: ALL), a personal lines and casualty insurer, said it estimates catastrophe losses of $1.08 billion for the month of October.

The Northbrook, Illinois-based company said Sandy was the largest of five October catastrophe events.

According to Allstate, the total gross loss estimate by state is 66 percent in New York, 20 percent in New Jersey and 14 percent in other states.

As of November 26, 2012, the company said roughly $340 million of claim payments have been made.

Autos represent about 40 percent of the total gross losses, with 78 percent in New York, 19 percent in New Jersey and 3 percent in other states, the company noted.

[Related -The Allstate Corporation (ALL): Room For ROE, Multiple Expansion]

In addition, Allstate said it expect losses from Sandy will be contained within the first layer of the nationwide reinsurance agreement.

Allstate's major business is private passenger auto and homeowners insurance, primarily offered through agencies. These products are marketed under the Allstate, Encompass and Esurance brand names.

The stock, which has been trading in the 52-week range of $25.22 to $42.81, dipped 0.10 percent to trade at $40.16 on Wednesday.

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