Filed Under:Claims, Catastrophe & Restoration

3Q Earnings: Catastrophes Continue to Plague Insurers’ Results

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.

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