Allstate Corp. said Thursday it estimates catastrophe losses of $516 million for the month of October. The insurer said five wildfires in California accounted for about 90% of the losses for the month. Earlier in November, fellow insurer Travelers Companies Inc. estimated catastrophe losses related to the California wildfires of $525 million to $675 million. Allstate’s stock, which was still inactive in premarket trade, has rallied 6.4% over the past three months, while the PowerShares KBW Property & Casualty Insurance ETF has slipped 0.6% and the S&P 500 has gained 3.9%.
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From:: Stock Market News