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Allstate sees $630 million Hurricane Helene hit in September

Residents and volunteers clean up on Oct. 1, after the French Broad River flooded downtown Marshall, North Carolina. The remnants of Hurricane Helene caused widespread flooding, downed trees and power outages in western North Carolina. (Travis Long/The News & Observer/TNS)
By Alexandre Rajbhandari Washington Post

Allstate Corp. posted $630 million in catastrophe losses in September related to Hurricane Helene.

The hit brought the insurer’s pretax catastrophe losses for the month to $889 million, more than double the $317 million it suffered a year earlier, the Northbrook, Illinois-based firm said in a statement Thursday. Losses reached $1.7 billion for the third quarter, up from $1.18 billion.

US insurers are starting to get a feel for the how large the impact will be from back-to-back hurricanes Helene and Milton as customers file claims. The two storms are expected to cost the industry as much as $55 billion, according to Moody’s RMS risk-modeling unit.

Destruction from Helene is expected to result in a hit of as much as $14 billion, with much of the damage not covered by insurance.

Earlier Thursday, Travelers Cos. said its third-quarter catastrophe losses rose to $939 million, above analysts’ expectations, from $850 million a year earlier.