Allstate
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Headline rate changes at lows not seen since 2007/8, in line with Q2:19 management commentary pointing to growth initiatives, and peak margins at leading firms. -
The president of Allstate personal lines opened the InsurTech Connect conference in Las Vegas on Tuesday.
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With returns well above the group's cost of capital, growth rather than margin expansion will generate the most value.
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Differing views on the impact of a lower rate environment emerged as a key controversy from company presentations Thursday.
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The carrier also saw some adverse reserve development from a May weather event.
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Mercury and NatGen highlight challenges of companies dependent on reinsurance facing higher implied cost of capital.
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The homeowners’ ceding commission was cut from 42.5% to 36% following significant losses.
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The renewal reflects significant repricing for the quota share following several cat losses in the period.
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The carrier's expected $309mn in June pre-tax claims compares with Aon's industry-wide insured loss forecast of about $1bn.
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The insurer said half of the losses came from one weather event in the Midwest.
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The American carrier identified 14 catastrophic events, with one accounting for half the total losses.
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The public offering of the senior notes was closed on 10 June.
