Allstate

Personal lines rates ticked up in April compared to the prior month as insurers try to stay ahead of rising loss costs.

The carrier contended with 10 events over the month, with 75% of its losses stemming from three wind events.

Travelers posts strong results boosted by better pricing, personal lines performance, and favorable development.

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.

Allstate disclosed a $211mn catastrophe loss in February based on nine separate events.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

The agency attributed the decision to a material deterioration in the company’s surplus position, as a result of challenging personal property insurance conditions in Florida.

2022 statutory data is now available, and results show winners and losers

Rate action for personal auto insurers has been increasing in 2023 to balance rising loss cost trends

The carrier’s equivalent bond placed last March secured $550mn of limit.

Of those, around $309mn were associated with nine events primarily in Texas and California, partially offset by favorable reserve re-estimates for prior events.

The firm’s playbook struggles provide valuable insights for its InsurTech competitors as they all navigate a challenging loss cost environment.