Allstate to Raise Rates in Seven States

Allstate Corporation, the second largest auto insurer, has received approval from seven state insurance departments to raise premiums rates on average of 3.3 percent.

This increase comes after a raise in rates of about 12 percent throughout the U.S. during the first quarter. The hikes will become effective in the second quarter. Allstate Corp. Chief Executive Edward Liddy said that falling interest rates could put pressure on the insurer’s investment income.