Allstate

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.

Travelers posts strong results boosted by better pricing, personal lines performance, and favorable development.

The new 2022 stat data shows personal lines premium has grown year-over-year, but the loss ratios have been hit hard by catastrophes and loss cost inflation.

Allstate disclosed a $211mn catastrophe loss in February based on nine separate events.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

The agency attributed the decision to a material deterioration in the company’s surplus position, as a result of challenging personal property insurance conditions in Florida.

2022 statutory data is now available, and results show winners and losers

Rate action for personal auto insurers has been increasing in 2023 to balance rising loss cost trends