Allstate takes massive disaster hit

Allstate has printed its estimates of disaster losses for January.

In a launch, the insurance coverage big mentioned: “The Allstate Company introduced estimated disaster losses for the month of January of $276 million, or $218 million after tax.

“Estimated January disaster losses of $325 million had been primarily pushed by two occasions that comprised roughly 80% of the losses, partially offset by favorable reserve re-estimates for prior occasions.”

In the identical announcement, Allstate reiterated its ongoing push for price will increase as a part of the corporate’s insurance coverage revenue enchancment plan.

Chief monetary officer Jess Merten famous: “Throughout the month of January, price will increase for Allstate model auto insurance coverage resulted in a premium impression of 1.4%, that are anticipated to lift annualized written premiums by roughly $363 million, and price will increase for Allstate model householders insurance coverage have resulted in a premium impression of 0.3%, that are anticipated to lift annualized written premiums by roughly $40 million.

“Applied price will increase and inflation in insured house alternative prices resulted in a 12.1% improve in householders insurance coverage common gross written premium in January 2024 in comparison with the prior 12 months.” 

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