Allstate

An uneven loss environment in personal lines calls for a cautious reading of reserves.

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California Insurance Commissioner Ricardo Lara was speaking about climate change's impact on insurance pricing at the Bermuda Climate Summit.

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The carrier said 70% of the claims stemmed from two wind and hail events.

CPI figures show loss costs are cooling, and if rate levels cannot reach adequacy we are likely to see more pausing from the industry beyond State Farm, Allstate and Nationwide.

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The company reportedly recently applied for a rate increase of about 40% on California homeowners’ business.

The loss for the month was 60% comprising losses from two wind and hail events.

InsurTech carriers pivot to profitability vs growth.

The carrier will continue to push for more auto rates through 2023 as drivers of severity continue to persist.

The carrier shifted retentions up and made use of multi-year contracts.