Allstate
-
This follows February’s cat losses coming in below the $150mn reporting threshold.
-
This follows January pre-tax cat losses of $276mn.
-
Two events comprised approximately 80% of the losses.
-
The carrier expects to "get smaller in New Jersey" due to lack of rate adequacy.
-
Insurance Insider US runs you through the earnings results for the day.
-
Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
-
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.
-
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.
-
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.
-
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.
-
Kemper’s current results and historical trends suggest continued difficulty and remains a TBD story.
-
Three states — California, New Jersey, New York — were responsible for adding five points to YTD combined ratio for 2023.
-
The Inside P&C news team runs you through the earnings results for the day.
-
A clear commonality is already emerging much as it did in the previous quarter, when severe convective storms – particularly hail – also dominated.
-
Most of the losses, around 80%, were the result of two wind and hail events.
-
Allstate’s underperformance in results and value creation may be an opportunity for activist investor Trian, but history suggests it will have its work cut out.
-
The carrier has suffered five quarters of losses, largely spurred on by hefty natural catastrophe losses.
-
-
Differing trends in short- and long-tail lines offset each other to create a net positive for the industry, though the releases are slowing significantly.
-
The settlement would resolve claims that Allstate defrauded shareholders by underreporting “skyrocketing” auto claims to artificially boost the stock price, which later crashed.
-
Allstate reported cat losses of $1bn and $885mn for June and May.
-
On the surface, InsurTech results were better than the noise from incumbents, but caution is needed to ascertain the quality of new business coming in during a time when even industry leaders stumble.
-
The downgrades reflect the negative impact of challenging macro-economic trends on underwriting results and risk-adjusted capitalization.
-
In California, the carrier filed for a 35% increase this quarter after implementing a 6.9% rate hike in April.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Inside P&C news team runs you through the earnings results for the day.
-
Q2 cat losses reported by most carriers were significantly higher than a year ago owing to the number of US convective storms and likely higher carrier retentions at reinsurance renewals.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
-
Pricing, catastrophes and rising costs are headwinds for this quarter’s insurer results, but brokers should be buoyed by continued inflation.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
An uneven loss environment in personal lines calls for a cautious reading of reserves.
-
California Insurance Commissioner Ricardo Lara was speaking about climate change's impact on insurance pricing at the Bermuda Climate Summit.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
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.
-
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.
-
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.