Allstate
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This follows January pre-tax cat losses of $276mn.
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Two events comprised approximately 80% of the losses.
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The carrier expects to "get smaller in New Jersey" due to lack of rate adequacy.
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Insurance Insider US runs you through the earnings results for the day.
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Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
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For the month of November, Allstate brand’s auto rate increases totaled $262mn, after implementing $517mn and $1.49bn of rate increases in Q3 and Q2, respectively.
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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.
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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.
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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.
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Kemper’s current results and historical trends suggest continued difficulty and remains a TBD story.
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Three states — California, New Jersey, New York — were responsible for adding five points to YTD combined ratio for 2023.
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The Inside P&C news team runs you through the earnings results for the day.
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