Third-quarter results are rolling in, and the theme remains the same as it has been throughout the year: Catastrophe losses are dragging down profits.
Allstate Corp. says 2011 third-quarter net income dropped 55 percent to $165 million on about $1.1 billion in catastrophe losses from 23 loss events. The Northbrook, Ill.-based insurer posted 2010 third-quarter net income of $367 million, during which it took catastrophe losses of $386 million.
Catastrophes during this year’s third quarter, including Hurricane Irene and Tropical Storm Lee, contributed 16.7 points to the company’s property-liability combined ratio of 104.8—an increase of 8.9 points from Allstate’s combined ratio during the third quarter a year ago.
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