Allstate Corp. All, +4.50% reported Thursday that it had suffered catastrophe losses in excess of $1 billion during the month of June. The company also announced that premiums for home and auto insurance have been raised “to improve profitability.” Losses for June included 18 “events” with 60% of losses attributed to four hail and wind events. As part of its comprehensive plan to increase profitability, Chief Financial Officer Jess Merten said that Allstate has continued to implement significant rate changes for auto and homeowners’ insurance. The company reported that it increased auto rates in June by 11.6% at 12 locations. This resulted in an overall brand premium increase 2.6%. Auto insurance rates are up 7.5% this year and homeowners insurance rates are up 7.4%. This is expected to increase annualized premiums by $754 million. Allstate stock, which fell 0.2% in premarket trading, has fallen 22.0% through Wednesday. The SPDR S&P Insurance Exchange-Traded Fund KIE, +1.48%, however, has gained 2.0% and the S&P500 SPX, -0.58%, has risen 18.9%.