Allstate

The figure includes around $17mn of unfavorable reserve re-estimates for prior period events.

The firm has a similar market share to peers in states with high fatalities and new vehicle registrations.

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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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The 2022 reinsurance program will support cat losses exceeding $2.5bn, compared to $2bn in the corresponding period last year.

Sequentially, the combined ratio improved 1.6 points from 98.9% in Q4 2021.

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The personal lines giant reported Q1 unfavorable non-cat prior year reserve re-estimates of approximately $160mn, driven by auto physical damage and bodily injury severity.

March’s CPI report shows elevated inflation levels, including vehicle CPI of 10.5% and average used car price increase of 24.7%.

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The insurer plans to take more rate throughout the year.