Allstate reveals disaster losses | Insurance coverage Enterprise America

The Allstate Company has disclosed its estimated disaster losses for March, totaling $328 million pre-tax, or $259 million after-tax.

The corporate detailed that these losses stemmed from six important occasions, with one main hail occasion accounting for roughly 80% of the March losses. These figures had been partially offset by favorable reserve re-estimates associated to prior occasions.

Allstate additionally reported that complete disaster losses for the primary quarter amounted to $731 million earlier than tax.

By way of pricing changes, Allstate applied price will increase for its auto insurance coverage, which impacted premiums by 0.9% in March and a pair of.4% for the 12 months up to now. Equally, owners’ insurance coverage charges rose, impacting premiums by 0.7% for the month and three.4% year-to-date.

Fee will increase, coupled with inflation in insured dwelling alternative prices, drove the owners’ insurance coverage common gross written premium up by 11.9% in March 2024 in comparison with the identical interval final 12 months.

Comparability with February figures

In its report for February, the insurance coverage large famous: “The Allstate Company introduced that estimated disaster losses had been under the $150 million reporting threshold for February 2024.”

In the identical month, price will increase for Allstate model auto insurance coverage led to a premium influence of 0.1% and 1.5% year-to-date. Equally, price will increase for Allstate model owners’ insurance coverage resulted in a premium influence of two.4% for February and a pair of.7% year-to-date.

Moreover, applied price will increase, mixed with inflation in insured dwelling alternative prices, contributed to a 12.4% improve within the common gross written premium for owners’ insurance coverage in February 2024 in comparison with the earlier 12 months.

Elsewhere for the insurance coverage large, Allstate’s new examine revealed that clients who make the most of the Drivewise function throughout the insurer’s app exhibit considerably safer driving habits.

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