Allstate says losses reach $1.08B in October

Allstate's catastrophe losses reach $1.08 billion in October as Sandy hits

Associated Press

NORTHBROOK, Ill. (AP) -- The Allstate Corp. said Wednesday it had an estimated $1.08 billion in catastrophe losses in October, mostly the result of damage to homes and autos from Superstorm Sandy.

Allstate said that about 66 percent of its losses were in New York, 20 percent in New Jersey and 14 percent in other states.

The company said the loss estimates are based on coverage under its policies. Its homeowner's policies specifically exclude flood losses but include coverage for physical damage caused by wind or wind-driven rain.

Allstate, based in Northbrook, Ill., is the nation's largest publicly held personal lines insurer. It serves roughly 16 million households through its Allstate, Encompass, Esurance and Answer Financial brand names and Allstate Financial business segment.

Shares of the company rose 35 cents to $40.55 in afternoon trading.

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