US main insurer Allstate has introduced estimated disaster losses for the month of September of $317 million and third quarter cat losses of $1.18 billion.
Last month, Allstate estimated disaster losses for August 2023 at $641 million, of which roughly half have been associated to the Maui wildfire. The insurer’s cat losses for July have been estimated at $247 million, June’s at $1.01 billion, and May’s at $885 million.
Allstate has additionally introduced that unfavourable prior 12 months reserve reestimates, excluding catastrophes, totalled $166 million in Q3, with roughly $84 million associated to Allstate Protection and $82 million attributable to the Run-off Property-Liability annual reserve assessment.
Allstate Protection was pushed by $95 million associated to non-public auto for the National General model. All different Allstate Protection reserve reestimates have been beneficial $11 million, the insurer added.
For September the corporate additionally applied auto fee will increase of 4.5% throughout 9 areas, leading to a complete model premium impression of 0.9%.
Jess Merten, Chief Financial Officer of The Allstate Corporation, mentioned: “Allstate continued to implement vital auto and owners insurance coverage fee actions as a part of our complete plan to enhance profitability.
“Since the start of the 12 months, fee will increase for Allstate model auto insurance coverage have resulted in a premium impression of 9.5%, that are anticipated to lift annualised written premiums by roughly $2.46 billion, and fee will increase for Allstate model owners insurance coverage have resulted in a premium impression of 9.5%, that are anticipated to lift annualised 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.”
