**Allstate’s Q3 2026 property-liability combined ratio faces upward pressure from $1.65 billion in pre-tax catastrophe losses, including $220 million in September alone, following a Q2 recorded ratio of 86.6% and underlying ratio of 79.4%.** These weather-related costs contrast with peers like Travelers, which posted an 86.8% combined ratio amid lower catastrophe impacts, while broader P&C industry forecasts point to a 94.0% net combined ratio for 2026. Offsetting factors include Allstate’s continued favorable prior-year reserve development, stable-to-improving underlying loss ratios in auto and homeowners lines, and efficiency gains from rate actions and digital initiatives. With Q3 results scheduled for early November, trader sentiment reflected in the closely matched probabilities for outcomes below 88% incorporates both the elevated cat load and expectations for reserve releases and margin resilience seen in recent quarters.