Allstate Insurance Company Estimates $1.7 Billion Losses
Allstate Corp. said it expects a pre-tax disaster loss of about $1.7 billion in the first quarter, with accruals of about $1.3 billion during the month of March.
Allstate said in a statement that 10 events were attributed to losses in March, including 75% of losses related to three wind events. After a favorable reevaluation of past events, catastrophic losses for March are estimated at approximately $1.2 billion.
Allstate has updated its efforts to raise auto insurance premiums with the latest press release. During March, Allstate Insurance Company said it implemented rate and review increases of 7.6% percentage at 10 locations.
Allstate Insurance Company Estimates $1.7 Billion
“Year-over-year, rate increases for Allstate-branded auto insurance are expected to impact premiums by 1.7 percent, resulting in approximately $454 million in annual written premiums,” said Jess Merton, Allstate’s chief financial officer. “Additionally, the usa country California Department of Insurance company recently approved an application for the latest Allstate Insurance Company Brands auto Car insurance rate increase of 6.9% percentage, effective in April and effective through 2023 June.
Allstate Corp. is expected to report first quarter results after the market close on May 3 and will hold a morning conference call on May 4.
The catastrophe loss for the fourth quarter of 2022 was $779 million doller as Allstate Insurance Company reported a loss of $310 million doller for the quarter.
