NORTHBROOK, Ill., April 20, 2023 – The Allstate Corporation (NYSE: ALL) at this time introduced estimated disaster losses for the month of March of $1.17 billion or $927 million, after-tax.
Catastrophe losses for March occasions have been estimated at $1.26 billion, associated to 10 occasions, with roughly 75% of the losses associated to 3 wind occasions, partially offset by favorable reserve reestimates for prior occasions. Catastrophe losses for the primary quarter totaled $1.69 billion, pre-tax.
During the month of March, the Allstate model carried out auto charge will increase of seven.6% throughout 10 places, leading to whole model premium affect of 0.5%.
“Allstate continued to implement significant auto insurance rate actions as part of our comprehensive plan to improve profitability. Since the beginning of the year, rate increases for Allstate brand auto insurance have resulted in a premium impact of 1.7%, which are expected to raise annualized written premiums by approximately $454 million,” mentioned Jess Merten, Chief Financial Officer of The Allstate Corporation. “In addition, the California Department of Insurance recently approved our latest Allstate brand auto insurance rate increase filing of 6.9%, which we expect to implement in April and be effective in June 2023.” Our carried out auto charge exhibit has been posted on allstateinvestors.com.
Unfavorable prior 12 months reserve reestimates, excluding catastrophes, totaled $27 million within the first quarter with $23 million attributed to business insurance coverage, primarily associated to enterprise that’s being exited. Beginning subsequent quarter, we are going to solely disclose quarterly prior 12 months reserve reestimates, excluding catastrophes, if materials.
Financial data, together with materials bulletins about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.
Forward-Looking Statements
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