Allstate

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.

Need to Know

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.

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.