Allstate
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Citing increased work-from-home arrangements among its workers, Allstate announces the sale of its campus, which it has occupied since 1967.
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Progressive races for rate, with Allstate slightly slower to account for a recent acquisition and restructuring.
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Personal lines giant Allstate is increasing rates for its auto insurance business in response to rising loss severity that has hit the segment, the firm’s CEO Tom Wilson said.
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The company was also hit with a $162mn reserve charge, which included an $111mn increase in old asbestos and environmental claims, though net written premiums increased by 17% to $11bn overall.
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The carrier also signalled unfavourable reserve developments linked to asbestos and environmental exposures.
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Trucking companies, having already increased self-insured retentions by millions, will need to contend with further rate increases into 2024.
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The carrier also expects to close Allstate Life Insurance sale to Blackstone-backed Everlake later this year.
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It said the hurricane would cost it $1.4bn of gross losses, with just over half going to reinsurers.
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Ida soaks the tri-state – and has the potential to affect personal auto carriers more than comparable storms of the past.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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A complex web of factors are creating uncertainty around the likely insured loss, but much early discussion centers on a $20bn-$25bn range.
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With predicted $20bn in losses, KBW doesn’t see meaningful change to the rate increase trajectory.
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