Allstate 4Q Profit Falls 37% as Calif. Wildfire Losses Top $300M

January 31, 2008

  • January 31, 2008 at 9:53 am
    Stat Guy says:
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    Hey Florida, notice that this is a private company in a competitive market charging premiums commensurate with the exposure and paying claims; they’ll take a charge against their profits but they don’t need to ask for Florida to subsidize their market to keep the premiums artificially low..No need for socialism here; just plaim capitalism findng the true value of goods and services….SARCASM fully intended…

  • January 31, 2008 at 11:16 am
    Numbers says:
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    Not a numbers person but I think there is an error in the first paragraph. It says profit dropped by $760 million, then the next paragraph says the net income was $760 million, a decrease of $453 million.
    So it dropped by $453 million, not $760 million.

  • January 31, 2008 at 12:56 pm
    InsureExec says:
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    Allstate is one of the most poorly managed insurance companies. While they think they make sound decisions, it always comes back to bite them. They pull in and out of lines like people drink water. They don’t consistantly spread their risk over a long period of time, but a very short narrow time frame. California VP HB is the worst there is.

  • January 31, 2008 at 1:06 am
    allsnake says:
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    My friend is allstate agent. She can save me “oodles” of money on our personal auto and homeowners, she says.
    Then I say, well, Allsnake has problems paying claims.
    She says, Yeah I know.

  • January 31, 2008 at 2:09 am
    JB says:
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    Umm hmmm, now they will pull out of California too… oh pooor pooor Allstate! My heart bleeds for them …. wait for the pause… NOT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  • February 1, 2008 at 9:01 am
    N. Judge says:
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    How did you mean this? I assume you aren’t saying they don’t have the money? They’re cautious about making sure there is coverage and not over paying? No, that can’t be what you mean because as insurance professionals we all know that’s a good thin. That assures we continue to have our jobs and that the next claim can be paid. I had Allstate for many years until I moved to where they didn’t write HO. I had three claims and all were paid fairly and promptly. I’ve never worked for them but I just don’t see the problem with a company making as much money as the market will allow (free market; imagine that!) and thoroughly investigating a claim. How can you work for an insurance company and feel otherwise? Do we really think there is a huge difference and how each company addresses a claim? Until there’s a free market, I defend a company’s right to leave a market when they wish. Get Gov’t much less involved in insurance and it would be so much better.



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