The Allstate Corporation has introduced estimated disaster losses of $325 million for the month of January 2024, primarily pushed by two occasions that comprised roughly 80% of the losses.
“Allstate continues to pursue rate increases as we execute the auto insurance profit improvement plan and keep pace with loss cost trends. During the month of January, rate increases for Allstate brand auto insurance resulted in a premium impact of 1.4%, which are expected to raise annualized written premiums by approximately $363 million, and rate increases for Allstate brand homeowners insurance have resulted in a premium impact of 0.3%, which are expected to raise annualized written premiums by approximately $40 million,” stated Jess Merten, Chief Financial Officer of Allstate.
“Implemented rate increases and inflation in insured home replacement costs resulted in a 12.1% increase in homeowners insurance average gross written premium in January 2024 compared to the prior year,” Merten famous.
This announcement follows Allstate’s This autumn 2023 outcomes the place it reported a web earnings of $1.5 billion, up massively in comparison with a lack of $303 million in the identical quarter of 2022.
Tom Wilson, Chair, President and CEO of Allstate, added that improved underwriting efficiency and better funding earnings reportedly generated an adjusted web earnings of $1.5 billion in This autumn.
