Allstate Q3 cat losses exceed $500 million

The Allstate Corp. estimates its catastrophe losses were $517 million before taxes for the third quarter of 2014, the insurance carrier recently announced. All figures are in United States dollars.

Those losses were comprised of 29 events at an estimated cost of $384 million, plus “increased reserve re-estimates of prior reported catastrophe losses,” Northbrook, Ill.-based Allstate said in a press release Thursday.

Allstate estimated pre-tax cat losses were $250 million in September alone.

Cat losses after taxes were estimated at $336 million for the quarter and $163 million for September.

“One severe weather event, primarily in the state of Colorado on September 29, 2014, accounted for over a third of catastrophe losses that occurred in the third quarter,” Allstate reported. “The reserve reestimates are due to higher than anticipated reported property claims related to two severe weather events in the second quarter of 2014.”