Allstate
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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.
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InsurTech carriers pivot to profitability vs growth.
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The carrier will continue to push for more auto rates through 2023 as drivers of severity continue to persist.
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The carrier shifted retentions up and made use of multi-year contracts.
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Personal lines rates ticked up in April compared to the prior month as insurers try to stay ahead of rising loss costs.
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The carrier contended with 10 events over the month, with 75% of its losses stemming from three wind events.
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Travelers posts strong results boosted by better pricing, personal lines performance, and favorable development.
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The new 2022 stat data shows personal lines premium has grown year-over-year, but the loss ratios have been hit hard by catastrophes and loss cost inflation.
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Allstate disclosed a $211mn catastrophe loss in February based on nine separate events.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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Allstate has no plans to grow its homeowners business in California
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Allstate expecting $1.1bn pre-tax loss from California wildfires
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