Allstate reveals disaster losses | Insurance coverage Enterprise America

The Allstate Company has disclosed its estimated disaster losses for March, totaling $328 million pre-tax, or $259 million after-tax.

The corporate detailed that these losses stemmed from six important occasions, with one main hail occasion accounting for roughly 80% of the March losses. These figures have been partially offset by favorable reserve re-estimates associated to prior occasions.

Allstate additionally reported that complete disaster losses for the primary quarter amounted to $731 million earlier than tax.

When it comes to pricing changes, Allstate carried out fee will increase for its auto insurance coverage, which impacted premiums by 0.9% in March and a pair of.4% for the yr so far. Equally, householders’ insurance coverage charges rose, impacting premiums by 0.7% for the month and three.4% year-to-date.

Fee will increase, coupled with inflation in insured dwelling substitute prices, drove the householders’ insurance coverage common gross written premium up by 11.9% in March 2024 in comparison with the identical interval final yr.

Comparability with February figures

In its report for February, the insurance coverage big famous: “The Allstate Company introduced that estimated disaster losses have been under the $150 million reporting threshold for February 2024.”

In the identical month, fee will increase for Allstate model auto insurance coverage led to a premium influence of 0.1% and 1.5% year-to-date. Equally, fee will increase for Allstate model householders’ insurance coverage resulted in a premium influence of two.4% for February and a pair of.7% year-to-date.

Moreover, carried out fee will increase, mixed with inflation in insured dwelling substitute prices, contributed to a 12.4% enhance within the common gross written premium for householders’ insurance coverage in February 2024 in comparison with the earlier yr.

Elsewhere for the insurance coverage big, Allstate’s new research revealed that prospects who make the most of the Drivewise function inside the insurer’s app exhibit considerably safer driving habits.

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