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 vital 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.

By way of pricing changes, Allstate applied charge will increase for its auto insurance coverage, which impacted premiums by 0.9% in March and a pair of.4% for the yr up to now. Equally, owners’ insurance coverage charges rose, impacting premiums by 0.7% for the month and three.4% year-to-date.

Charge will increase, coupled with inflation in insured house substitute prices, drove the owners’ 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 large famous: “The Allstate Company introduced that estimated disaster losses have been under the $150 million reporting threshold for February 2024.”

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

Moreover, applied charge will increase, mixed with inflation in insured house substitute prices, contributed to a 12.4% enhance within the common gross written premium for owners’ insurance coverage in February 2024 in comparison with the earlier yr.

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

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