Allstate News

Allstate ‘Further Accelerating’ Rate Hikes Following Q2 Loss

Allstate Corp. said it is accelerating its plan to increase auto insurance rates as it reported unprofitable results for the second quarter. Allstate booked a net loss of $1.04 billion in the second quarter compared with a net income profit …

Analysis: State Farm Wins Again With Better J.D. Power Scores Than GEICO

When Warren Buffett told Berkshire Hathaway investors that State Farm continues to dominate the large auto insurance carrier landscape during this year’s annual meeting, he was referring to scale rather than customer satisfaction scores. But State Farm wins on that …

Allstate Outlines ‘Surgical’ Auto Rate Hikes to Combat Inflation

Rate increases in Allstate’s auto insurance business are in integral part of the insurer’s overall plan to address the impact of inflation. Wednesday during a conference call with analysts to discuss first-quarter earnings, CEO Tom Wilson said Allstate’s strategy dubbed …

Allstate Q1 Net Income Returns to Black Despite Adverse Auto Results

First quarter 2022 insurance premiums earned grew 6.5% to about $11 billion at Allstate Corp., as net income was $630 million compared with a loss of about $1.4 billion during the first three months of 2021. CEO Tom Wilson said …

Allstate to Increase Magnitude of Auto Rate Hikes in 2022

Allstate said it is raising auto insurance rates more due to continued upticks in physical damage and bodily injury severity. The personal property insurer said in a statement on April 21 that first quarter unfavorable non-catastrophe prior-year reserves re-estimates were …

Rate Hikes, Telematics, Data Science Leading Allstate Back to Profit

For the second time this month, a personal auto insurance giant devoted an investor conference to the topic of rate hikes, with Allstate executives also assuring listeners the carrier has various other tools to return to profitability. “Looking back to …

Insurers, Brokers Among Those Named World’s Most Ethical Companies

Two property and casualty insurers and two brokers were included within a list compiled by Ethisphere of the most ethical companies in the world. The 16th annual report from Ethisphere, a company that defines and measures corporate ethical standards and …

Arizona Auto Insurance Rates Rising on Heels of COVID

As if spiraling gas prices weren’t enough, motorists across Arizona and the nation are paying more for auto insurance as repair costs and more crowded roads push premium rates higher. After giving customers premium credits and refunds in 2020 as …

Q4 Net Income Drops 50% for Allstate on Higher Auto Claims

Allstate Corp. said fourth quarter 2021 net income plummeted 50% compared to results of the prior year quarter as auto claim frequency and severity increased. Adjusted net income for Q4 was $796 million compared to about $1.6 billion during the …

Top 10 Midwest Insurance Journal Stories of 2021

News of an Ohio jury’s conclusion that major pharmacy chains helped fuel the opioid crisis and a 6th Circuit’s reversal of a finding that COVID orders caused direct physical loss topped the headlines of Insurance Journal’s Midwest region in 2021. …