Allstate

Meanwhile, the company’s October cat losses came in below the reporting threshold of $150mn, compared eith $317mn of cat losses in September and nearly $1.2bn for Q3.

Kemper’s current results and historical trends suggest continued difficulty and remains a TBD story.

Three states — California, New Jersey, New York — were responsible for adding five points to YTD combined ratio for 2023.

The Inside P&C news team runs you through the earnings results for the day.

A clear commonality is already emerging much as it did in the previous quarter, when severe convective storms – particularly hail – also dominated.

Most of the losses, around 80%, were the result of two wind and hail events.

Allstate’s underperformance in results and value creation may be an opportunity for activist investor Trian, but history suggests it will have its work cut out.

The carrier has suffered five quarters of losses, largely spurred on by hefty natural catastrophe losses.

Total losses for the year from April now exceed $3.5bn.

Differing trends in short- and long-tail lines offset each other to create a net positive for the industry, though the releases are slowing significantly.

The settlement would resolve claims that Allstate defrauded shareholders by underreporting “skyrocketing” auto claims to artificially boost the stock price, which later crashed.

Allstate reported cat losses of $1bn and $885mn for June and May.