Georgia Insurance Commissioner Slams Allstate’s 25% Auto Rate Increase
The Georgia insurance commissioner is publicly shaming one of the country’s largest auto insurers after the carrier announced an average 25% rate increase in the state. “I am angry and disappointed...
View ArticleAuto Loss Costs Not Coming Down; Bigger Rate Hikes Ahead: Allstate CEO
Higher auto loss costs are here to stay, according to the leader of Allstate, who also said that his company will be pushing up auto insurance prices higher, and at a faster pace, for the balance of...
View ArticleAllstate Expects Q3 Net Loss Up to $725M; Ian Caused $366M Net Loss
Allstate Corp said it expects to report a third quarter net loss of of between $675 million and $725 million with pre-tax catastrophe losses, net of reinsurance, of $763 million. Catastrophe losses net...
View ArticleAllstate Q3 Net Income in the Red; Continues Efforts to ‘Restore...
Allstate Corp. said it recorded a third quarter net loss applicable to common shareholders of $694 million compared to net income of $508 million a year ago during the same time. Allstate’s Q3 combined...
View ArticleAllstate in Talks to Return Headquarters to Chicago From Suburbs
Allstate Corp. is in talks about moving its headquarters to Chicago after selling the majority of its suburban campus earlier this year, potentially returning to a city that it quit decades ago. The...
View ArticleState Farm Will Start Hiking Auto Rates, Allstate CEO Predicts
Allstate’s chief executive officer said his company will likely continue pushing for auto insurance rate hikes next year, and he expects the carrier’s largest mutual competitor—State Farm—to move in...
View ArticleAllstate Commits to 2030 Net Zero Emissions Goal
Allstate Corporation announced a commitment to achieve net zero emissions for direct, indirect and value-chain greenhouse gas emissions by 2030. In addition, the personal lines giant has set 2025 as...
View ArticleTop 10 Midwest Insurance Journal Stories of 2022
Allstate buying office space in downtown Chicago, State Farm suing Tesla over a car fire, and Geico being ordered to settle with a woman who contracted an STD in an insured’s car were some of the...
View ArticleAllstate Reports $310M Q4 Loss as Auto Claims Costs Motor Past Rate Hikes
As it had warned last month, Allstate Corp. reported a fourth quarter 2022 loss of $310 million as losses from auto insurance outpaced an increase in revenue. Results were in comparison to net income...
View ArticleAllstate’s Plan to Return to Profit in Auto
Following a year of turbulence in its auto insurance business, Allstate Corp. outlined what CEO Tom Wilson called the company’s number one priority: improve margins. Allstate ended 2022 with an...
View ArticleWhy Not Go Direct on Homeowners, Allstate CEO Asks
When Allstate’s chief executive officer looks at potential growth opportunities for personal lines insurers, he sees an untapped part of the homeowners insurance market—customers that will buy home...
View ArticleAllstate: $307M in January Cat Losses and Keeps the Auto Rate Hikes Coming
Allstate Corp. said it estimated catastrophe losses for the month of January of $307 million, or $243 million after-tax from nine events primarily in Texas and California. Catastrophe losses for the...
View ArticleCredit Outlook for Allstate’s Florida Unit is Negative, Reflects Deteriorated...
The AM Best financial rating firm’s tepid outlook for Allstate’s Florida subsidiaries, Castle Key Insurance Co. and Castle Key Indemnity Co., has raised new questions about the subsidiaries’ and their...
View ArticleAfter Nonrenewals, Castle Key Files 53.5% Increase for Remaining Fla. Condo...
Two months after Allstate announced that a Florida subsidiary would non-renew 33,000 condominium policies, the company has filed for a 53.5% average rate increase. Castle Key Indemnity Co., which as of...
View ArticleAllstate Posts Loss With ‘Exceptionally’ High Catastrophe Costs
Allstate Corp. posted a bigger first-quarter loss than analysts expected as higher premiums failed to offset rising auto costs and soaring catastrophe losses. The company reported a $342 million loss...
View ArticleFitch Downgrades Allstate’s IFS Ratings to ‘A’
Citing declines in statutory capital and poor underwriting results in personal auto, Fitch Ratings has downgraded the insurer financial strength ratings of Allstate P/C insurance subsidiaries to “A”...
View ArticleState Farm’s California Halt Reflects Overall Poor Underwriting Experience,...
State Farm’s announcement last week that the carrier was no longer writing new personal or business property/casualty policies in California “reflects the poor underwriting experience for California...
View ArticleClimate Change and Homeowners’ Insurance Are on a Collision Course
A summer that has already seen water crises and wildfire smoke is rapidly becoming an inflection point in the pitched battle between climate change and the price of homeowners’ insurance in the US....
View ArticleAllstate Announces May Catastrophe Losses, Auto Rate Hikes
Allstate Corp. today released estimated catastrophe losses for the month of May of $885 million or $699 million, after-tax. There were a dozen events in May causing $893 million in catastrophe losses,...
View ArticleUpdate: Allstate Estimates Catastrophe Losses of $1 Billion in June, $2.7...
Allstate Corp. announced estimated catastrophe losses for the month of June of $1.01 billion, or $799 million, after-tax. June’s month catastrophe losses include 18 events estimated at $1.13 billion,...
View ArticleBarring Change, Allstate May Exit California Property Market Completely
The topic of a recent California insurance department workshop was the potential use of catastrophe modeling in ratemaking, but carrier representatives and consumers took the opportunity to air...
View ArticleAllstate Records $2.7B Net Catastrophe Hit on Way to Q2 Loss of $1.4B
Allstate Corp. reported net catastrophe losses of $2.7 billion in the second quarter, resulting in a net loss for the period of $1.4 billion as catastrophe and underwriting losses offset other...
View ArticleRate Hikes Not Bringing Profit to US Auto Insurers: Fitch
Jumps in rates and written premiums did little to move the needle on underwriting profits for U.S. personal auto insurers, Fitch Ratings reported based on a recent review of midyear results of nine big...
View ArticleAllstate Starts Q3 With $313M in Catastrophe Losses in July
Allstate Corp. said estimated catastrophe losses for the month of July were $313 million or $247 million, after-tax. July has 18 events, highlighted by widespread wind and hail storms, with estimated...
View ArticleAllstate, Allianz X Invest $265M in NEXT Insurance and Partner to Expand Reach
NEXT Insurance said Allstate and Allianz X have invested $265 million in the digital small business insurer. NEXT and Allstate will partner on bringing new commercial products to what they call an...
View ArticleRegulatory Battles In Personal Lines Ahead; Allstate May Drop Customers
Analysts from Standard & Poor’s predicted this week that while personal auto results are starting to stabilize, the continued push for rate in 2024 will set the stage for more faceoffs between...
View ArticleMission Accomplished: Allstate Announces Calif., NY, NJ Rate Approvals
The departments of insurance in California, New York and New Jersey approved double-digit auto rate increases for Allstate in the three states that the carrier considered exiting in the absence of...
View ArticleAllstate Q4 2023 Reserve Charge Near $200M
Allstate offered some preliminary details of factors that impacted fourth-quarter 2023 earnings—among them a $199 million non-catastrophe reserve charge. The carrier said the figure representing...
View ArticleAllstate Reverses Q4 Loss With Benefit Low Cat Losses, Auto Rate Increases
Allstate Corp. fourth quarter 2023 net income attributable to common shareholders was about $1.5 billion, reversing a loss of $303 million during the same time the prior year. Allstate CEO Tom Wilson...
View ArticleAllstate Reports $276M in January Cat Losses, Updates Rate Increases
Allstate Corp. on Thursday reported January pretax catastrophe losses of $276 million. The Northbrook, Illinois-based insurer reached its $150 million threshold to report catastrophe losses following...
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