Allstate News

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. …

Allstate Inks $232M Deal to Sell Most of Campus in Illinois

The Allstate Corp. announced it has reached an agreement to sell the property making up the majority of its campus in Northbrook, Illinois, to Dermody Properties for approximately $232 million. The sale is expected to close in 2022. Allstate has …

Allstate to Sell Northbrook Headquarters in Strong Endorsement of Hybrid Work

Allstate Corp. plans to sell its headquarters building, marking the U.S. finance industry’s firmest endorsement yet of the desire to offer hybrid work after the pandemic. With many employees choosing to work remotely, the insurance giant will sell its offices …

Allstate to Acquire Insurer SafeAuto to Merge Into National General Brand

Allstate has agreed to acquire Ohio-based SafeAuto, which offers car insurance that meets the minimum legal requirements in 28 states. The acquisition will be through Allstate subsidiary National General and SafeAuto will be integrated into National General’s direct-to-consumer non-standard auto …

Insurers Report Estimated Q1 Catastrophe Losses

Carriers are starting to report their pretax catastrophe loss estimates for the 2021 first quarter, and the numbers are significant. Below are preliminary numbers from Allstate, Arch, AXIS, and The Hanover. *** The Allstate Corp. said it had nearly $1.7 …

Allstate Sees Surge in Demand for Pay-Per-Mile Insurance During COVID Shutdowns

The COVID-19 shutdowns that swept the U.S. have been a boon for a newer auto-insurance product: pay-per-mile coverage. During the pandemic, Allstate Corp. has seen interest surge in its Milewise offering, which lets customers pay auto-insurance premiums for just the …

Allstate Reports Net Income Rose 52% for Q4

Insurer Allstate reported improved auto underwriting results and strong investment returns for the fourth quarter 2020. Net income was up 52% to $2.6 billion for the quarter compared to net income of $1.7 billion in the same quarter in 2019. …

Allstate to Sell Life Insurance Company to Blackstone for $2.8B to Grow in P/C

The Allstate Corp. is selling Allstate Life Insurance Co. to entities managed by investment firm Blackstone for $2.8 billion. Explaining the move from Allstate’s perspective, Allstate CEO Tom Wilson referred to a strategy to grow market share in personal lines …