Allstate

Personal auto carriers risk falling behind in the battle between loss costs and approved rate declines, while homeowners carriers’ double-digit filings might not be enough to keep up.

Reciprocals have been cropping up more recently, with a shift toward cat-exposed lines, giving investors a quick way to tap into the hard market with an expectation of a rich multiple at exit.

Meanwhile, the company’s October cat losses came in below the reporting threshold of $150mn, compared eith $317mn of cat losses in September and nearly $1.2bn for Q3.

Kemper’s current results and historical trends suggest continued difficulty and remains a TBD story.

Three states — California, New Jersey, New York — were responsible for adding five points to YTD combined ratio for 2023.

The Inside P&C news team runs you through the earnings results for the day.

A clear commonality is already emerging much as it did in the previous quarter, when severe convective storms – particularly hail – also dominated.

Most of the losses, around 80%, were the result of two wind and hail events.

Allstate’s underperformance in results and value creation may be an opportunity for activist investor Trian, but history suggests it will have its work cut out.

The carrier has suffered five quarters of losses, largely spurred on by hefty natural catastrophe losses.

Total losses for the year from April now exceed $3.5bn.

Differing trends in short- and long-tail lines offset each other to create a net positive for the industry, though the releases are slowing significantly.