East Coast Hurricanes

Allstate announced to its shareholders that the hurricane caused huge third-quarter loses. The third-quarter reports are not completed at this point but the company was trying to be honest with its shareholders. Before the hurricane, Allstate had a profit of $691 million for the third-quarter.

Allstate intends to provide additional money to the Allstate branches in Florida to help the state and its residents recover. Florida suffered the brunt of the hurricanes in 2004. Insured losses throughout the insurance industry totaled more than $20 billion. Allstate is currently considering rewriting its policies in Florida to alleviate the possibility of suffering major losses again.

Allstate estimates that the Florida Hurricane Catastrophe Fund, a state sponsored insurance pool, will only cover $172 million of the $1.81 billion the insurance company will pay out to investors. Investors expected third-quarter losses due to the hurricane season and property damage estimates in Florida. Stock prices are currently down for Allstate.

2. The article makes use of a metaphor in describing the effects of the hurricane on Allstate and its third-quarter finances. Theo Francis writes that "This year's four powerful hurricane

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Some common words found in the essay are:
Theo Francis, Allstate Corp, Florida Allstate, Catastrophe Fund, Florida Florida, Northbrook Ill, Prudential Equity, Florida Stock, Hit Hurricanes, Stock Exchange, insurance company, hurricane allstate, cents share, share company, theo francis, policies florida, allstate insurance, third-quarter earnings, nine cents share, $153 share, $11 $153, earnings nine cents, share company late, company late yesterday, cents share company,
Approximate Word count = 939
Approximate Pages = 4 (250 words per page)

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