Allstate Insurance Mansfield Ohio – NORTHBROOK, Illinois, April 20, 2023 – Allstate Corporation (NYSE: ALL) today announced an estimated after-tax catastrophe loss of $1.17 billion, or $927 million, for the month of March.
Disaster losses for the March events were estimated at $1.26 billion, related to 10 events, with approximately 75% of the losses related to three wind events, partially offset by favorable reserve revaluations to previous events. Before tax, disaster losses in the first quarter totaled $1.69 billion.
Allstate Insurance Mansfield Ohio
During the month of March, the Allstate brand implemented a 7.6% automatic rate increase at 10 locations, resulting in a global brand premium impact of 0.5%.
Allstate Auto Insurance Review: Good Services But High Rates
“Allstate continues to implement important 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 1.7% impact on premiums, which is expected to increase annual premiums written by approximately $ 454 million,” said Jess, Chief Financial Officer of Allstate Corporation. Merton said. “Additionally, the California Department of Insurance recently approved our latest Allstate brand auto insurance rate increase of 6.9%, which we expect to implement in April and go into took place in June 2023.” Our automatic executed rate display is published on allstateinvestors.com.
Adverse revaluations of prior year reserves, excluding catastrophes, totaled $27 million in the first quarter, of which $23 million was attributed to commercial insurance, primarily related to exiting business. At the beginning of the next quarter, we will only disclose the prior year’s quarterly reserve revaluation, except for catastrophes, if significant.
This news release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by the use of words such as “plans.” Want,”expect,”will,”should,”anticipate,”estimate,”intend,”believe,”””””””””’ ” ””””””””””””””’ and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove incorrect or if other risks or uncertainties arise, actual results could differ materially from those expressed in these statements. to look forward. Factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in our filings with the US Securities and Exchange Commission, including the section ” Risk Factors” in our most recent annual report. . On Form 10-K. Forward-looking statements are as of the date they are made, and we undertake no obligation to update or revise any forward-looking statements.
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