Allstate reveals disaster losses | Insurance Business America

The Allstate Corporation has introduced its estimated disaster losses for September.

The insurance coverage big estimated September disaster losses at $317 million, or $250 million after tax.

Catastrophe losses for the month embrace 17 occasions estimated at $257 million, with about 80% of the losses associated to only two wind and hail occasions, Allstate stated. However, the losses have been partially offset by favorable reserve reestimates for prior occasions.

Allstate estimated complete disaster losses for the third quarter at $1.18 billion, pre-tax.

Unfavorable prior-year reserve reestimates, excluding catastrophes, have been $166 million in Q3. roughly $84 million of that was associated to Allstate Protection, whereas $82 million was attributable to the run-off property-liability annual reserve evaluate, Allstate stated.

“All other Allstate Protection reserve reestimates were favorable $11 million,” the insurer stated in a information launch.

Allstate additionally applied auto insurance coverage fee will increase of 4.5% in 9 areas throughout September. The hikes resulted in a complete model premium affect of 0.9%.

“Allstate continued to implement significant auto and homeowners insurance rate actions as part of our comprehensive plan to improve profitability,” stated Jess Merten, chief monetary officer for the Allstate Corporation. “Since the start of the yr, fee will increase for Allstate model auto insurance coverage have resulted in a premium affect of 9.5%, that are anticipated to boost annualized written premiums by roughly $2.46 billion, and fee will increase for Allstate model owners insurance coverage have resulted in a premium affect of 9.5%, that are anticipated to boost annualized written premiums by roughly $971 million.

“Implemented rate increases and inflation in insured home replacement costs resulted in a 12.4% increase in homeowners insurance average gross written premium in September 2023 compared to the prior year.”

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