Allstate

Data from Apple and Google show that Omicron has slowed the return to driving in some of the largest states by premiums.

Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.

The Inside P&C research team looks forward to the big issues of the new year.

Carriers are planning for inflationary threats and have been responding to major catastrophes, while the InsurTech and broking markets have driven M&A drama.

The monthly CPI report shows that inflation continues to push severity higher as carriers take rate in response.

The higher level of repurchases seen in Q3 will likely last longer than expected.

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.