Allstate News

Allstate 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 losses of about $349 million. These losses for July …

Rate 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 market players. Profitability challenges in the …

Allstate 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 favorable factors. President and CEO Tom Wilson said the …

Barring 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 concerns about other problems in the state’s insurance market. The state’s growing …

Update: Allstate Estimates Catastrophe Losses of $1 Billion in June, $2.7 Billion in Q2

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, with approximately 60% of the losses related to four wind and …

Allstate 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, Allstate said, but about 70% of losses were …

Climate 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. American International Group Inc., which has already …

State Farm’s California Halt Reflects Overall Poor Underwriting Experience, Ratings Agency Says

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 homeowners’ writers,” a ratings agency said on Wednesday. Fitch Ratings issued a statement …

Fitch 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” (Strong) from “A+.” Fitch has also downgraded Allstate’s holding company ratings, including …

Allstate 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 on an adjusted basis for the period, compared to profit …