CFO says firm has been targeted on implementing its profitability plan
Allstate revealed Wednesday that its disaster losses for the fourth quarter of 2023 amounted to $68 million.
In the identical quarter, the Illinois-headquartered insurer stated it had $199 million in unfavorable prior-year reserve reestimates, excluding catastrophes.
Roughly $148 million of this whole went in direction of private auto claims, in response to Allstate, together with the prices related to claims in litigation.
He stated the speed will increase carried out this 12 months for Allstate model auto insurance coverage resulted in a premium impression of 16.4%, which is anticipated to spice up annualized written premiums by round $4.27.
Related price will increase for Allstate model householders insurance coverage amounted to an 11.3% premium impression, Merten added, doubtlessly elevating annualized written premiums by roughly $1.16 billion.
Allstate plans to make its SEC submitting and announce quarterly outcomes after the market’s shut on February 7, in response to the discharge.
Brokers have been issued a memo final month stating that every one promoting and insurance coverage gross sales have to be carried out completely in English in compliance with a brand new state legislation requiring corporations to furnish coverage paperwork within the language they use for promoting.
“You might be solely licensed to promote, prospect, quote or promote property and casualty insurance policies on behalf of Allstate in English,” the memo dated December 8 stated. “This exercise in every other language on behalf of Allstate is now not licensed.
What are your ideas on this story? Be at liberty to share your feedback beneath.
Sustain with the most recent information and occasions
Be part of our mailing listing, it’s free!
