Two occasions make up roughly 80% of losses
Allstate has revealed its estimates of disaster losses for January.
In a launch, the insurance coverage large stated: “The Allstate Company introduced estimated disaster losses for the month of January of $276 million, or $218 million after tax.
“Estimated January disaster losses of $325 million had been primarily pushed by two occasions that comprised roughly 80% of the losses, partially offset by favorable reserve re-estimates for prior occasions.”
In the identical announcement, Allstate reiterated its ongoing push for charge will increase as a part of the corporate’s insurance coverage revenue enchancment plan.
Chief monetary officer Jess Merten famous: “Through the month of January, charge will increase for Allstate model auto insurance coverage resulted in a premium impression of 1.4%, that are anticipated to lift annualized written premiums by roughly $363 million, and charge will increase for Allstate model owners insurance coverage have resulted in a premium impression of 0.3%, that are anticipated to lift annualized written premiums by roughly $40 million.
“Applied charge will increase and inflation in insured house substitute prices resulted in a 12.1% enhance in owners insurance coverage common gross written premium in January 2024 in comparison with the prior 12 months.”
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