Allstate

Inside P&C’s morning summary of the key stories to get you up to speed fast.

CEO Tom Wilson added that Allstate is expanding its plans to reduce personal lines insurance in states with “unacceptable auto and home insurance margins”.

The firm disclosed that ex-cat unfavorable prior year reserve reestimates totaled $875mn, of which $643mn were related to its personal auto unit.

A challenging legal atmosphere and drift in loss cost components add difficulty to the task of tallying ultimate losses.

If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.

Claims analysis shows slow reactions to negative trends can affect several quarters, but carriers who emerge strong will be able to pursue growth faster than the competitors who are always playing catchup on loss cost trends.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Last month’s rates implementation marked an acceleration from the 8.9% hikes announced in July, which resulted in overall premium impact of 1%.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Market sources are suggesting inflation could require a wider group of US cedants to buy $10bn-$20bn of additional cat coverage for 2023.

Rizzo will take over on September 1. Jess Merten will also assume his role as CFO effective September 1.

Allstate CFO Mario Rizzo vowed to continue pushing through auto rate increases.