Allstate

Citing increased work-from-home arrangements among its workers, Allstate announces the sale of its campus, which it has occupied since 1967.

Progressive races for rate, with Allstate slightly slower to account for a recent acquisition and restructuring.

Personal lines giant Allstate is increasing rates for its auto insurance business in response to rising loss severity that has hit the segment, the firm’s CEO Tom Wilson said.

The company was also hit with a $162mn reserve charge, which included an $111mn increase in old asbestos and environmental claims, though net written premiums increased by 17% to $11bn overall.

The carrier also signalled unfavourable reserve developments linked to asbestos and environmental exposures.

Trucking companies, having already increased self-insured retentions by millions, will need to contend with further rate increases into 2024.

The carrier also expects to close Allstate Life Insurance sale to Blackstone-backed Everlake later this year.

It said the hurricane would cost it $1.4bn of gross losses, with just over half going to reinsurers.

Ida soaks the tri-state – and has the potential to affect personal auto carriers more than comparable storms of the past.

The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.

A complex web of factors are creating uncertainty around the likely insured loss, but much early discussion centers on a $20bn-$25bn range.

With predicted $20bn in losses, KBW doesn’t see meaningful change to the rate increase trajectory.