Allstate
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The company also said it expects a $408mn reserve charge, including $275mn related to personal auto and $91mn recorded for commercial auto. -
The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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Embedded insurance can help sidestep some of the challenges faced by InsurTech 1.0.
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The carrier’s below-FHCF layer is 29% unplaced.
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The losses were caused by 14 events, most notably wind and hail in Texas, the Midwest and Canada.
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The personal auto writer’s partnership with the digital dealership should serve as a warning for other InsurTechs.
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The figure includes around $17mn of unfavorable reserve re-estimates for prior period events.
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The firm has a similar market share to peers in states with high fatalities and new vehicle registrations.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Shapiro noted that the Allstate brand incurred severity for property damage is expected to increase about 11% in 2022, compared to the year before.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The 2022 reinsurance program will support cat losses exceeding $2.5bn, compared to $2bn in the corresponding period last year.
