Allstate

California Insurance Commissioner Ricardo Lara was speaking about climate change's impact on insurance pricing at the Bermuda Climate Summit.

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The carrier said 70% of the claims stemmed from two wind and hail events.

CPI figures show loss costs are cooling, and if rate levels cannot reach adequacy we are likely to see more pausing from the industry beyond State Farm, Allstate and Nationwide.

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The company reportedly recently applied for a rate increase of about 40% on California homeowners’ business.

The loss for the month was 60% comprising losses from two wind and hail events.

InsurTech carriers pivot to profitability vs growth.

The carrier will continue to push for more auto rates through 2023 as drivers of severity continue to persist.

The carrier shifted retentions up and made use of multi-year contracts.

Personal lines rates ticked up in April compared to the prior month as insurers try to stay ahead of rising loss costs.

The carrier contended with 10 events over the month, with 75% of its losses stemming from three wind events.