Allstate

The executive said inflation isn’t completely gone but is now “more understood”.

Cat losses in Q3 were light as peak hurricane season passes without incident.

Activists from the left and the right are focusing on insurance, often on the same issues.

The promotions are part of the carrier's strategy to increase property-liability market share.

Cat losses in August were below historical trends, but we are not in the clear just yet.

IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience.

Cat losses in July were below historical trends, but all eyes are on peak hurricane season.

Full-stack carriers fail to outclass incumbents with no clear platform differentiation.

The research team presents the June cat heatmap.

The losses were below May’s $777mn, but almost 3x higher than for June 2024.

Allstate attributed the bulk of its losses to three major wind and hail events.

Major insurance industry groups and companies have recently pressed lawmakers to include the provision.

Two wind and hail events were responsible for 60% of the total.

Insurers haven’t announced concrete steps – yet.

But automotive repair costs are likely to increase faster than home repair.

The Insurance Insider US news team runs you through the earnings results for the day.

The carrier surpassed the retention on its annual aggregate reinsurance cover for the year to March 31.

January cat losses continue to run higher than prior years, with no help from latest wildfires.

The carrier estimated January cat losses of $1.08bn, or $849mn after-tax, including the fires.

The investment firm’s holdings were down to $59mn at the end of Q4.

The carrier has not added new business in the state since 2007.

The carrier has been reducing its presence in the state since 2007.

The move will expand Nationwide’s stop loss insurance sales to SMEs.

The estimate includes $102mn from Milton and $114mn Helene development.

The activist investor’s position at the end of Q3 was valued around $116.3mn, SEC filings show.

Insurers are fighting to recoup claims they have paid out.

Fifteen events caused estimated losses of $306mn.

The news team runs you through this week’s key M&A deals.

Independent litigation threatened a $4bn settlement with wildfire victims.

Total catastrophe losses stemmed from 20 events and were estimated at $587mn.

NatGen allegedly collected $500mn associated with the fraud.

A quick roundup of today’s need-to-know news, including the DoJ/NatGen lawsuit and RenRe's earnings call.

The victims claim insurers shouldn’t get settlement cash before they’re made whole.

A quick round-up of today’s need-to-know news, including Ryan Specialty, Marsh, Allstate.

Allstate’s total pre-tax cat losses for H1 2024 were $2.85bn versus an estimated $4.39bn in H1 2023.

Investor skepticism visible in stock prices and short interest data over first half of 2024.

This takes pre-tax year-to-date cat losses to $2.62bn.

MGAs outpaced the P&C industry for years, but growth has begun to stagnate.

Changes in investment strategy and strong results show carriers can weather financial storms.

This takes pre-tax cat losses for the calendar year to $1.23bn

This follows February’s cat losses coming in below the $150mn reporting threshold.

This follows January pre-tax cat losses of $276mn.

Two events comprised approximately 80% of the losses.

The carrier expects to "get smaller in New Jersey" due to lack of rate adequacy.

Insurance Insider US runs you through the earnings results for the day.

Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.

For the month of November, Allstate brand’s auto rate increases totaled $262mn, after implementing $517mn and $1.49bn of rate increases in Q3 and Q2, respectively.

Personal auto carriers risk falling behind in the battle between loss costs and approved rate declines, while homeowners carriers’ double-digit filings might not be enough to keep up.

Reciprocals have been cropping up more recently, with a shift toward cat-exposed lines, giving investors a quick way to tap into the hard market with an expectation of a rich multiple at exit.

Meanwhile, the company’s October cat losses came in below the reporting threshold of $150mn, compared eith $317mn of cat losses in September and nearly $1.2bn for Q3.

Kemper’s current results and historical trends suggest continued difficulty and remains a TBD story.

Three states — California, New Jersey, New York — were responsible for adding five points to YTD combined ratio for 2023.

The Inside P&C news team runs you through the earnings results for the day.

A clear commonality is already emerging much as it did in the previous quarter, when severe convective storms – particularly hail – also dominated.

Most of the losses, around 80%, were the result of two wind and hail events.

Allstate’s underperformance in results and value creation may be an opportunity for activist investor Trian, but history suggests it will have its work cut out.

The carrier has suffered five quarters of losses, largely spurred on by hefty natural catastrophe losses.

Total losses for the year from April now exceed $3.5bn.

Differing trends in short- and long-tail lines offset each other to create a net positive for the industry, though the releases are slowing significantly.

The settlement would resolve claims that Allstate defrauded shareholders by underreporting “skyrocketing” auto claims to artificially boost the stock price, which later crashed.