CFO says company has been focused on implementing its profitability plan
Allstate revealed Wednesday that its catastrophe losses for the fourth quarter of 2023 amounted to $68 million.
In the same quarter, the Illinois-headquartered insurer said it had $199 million in unfavorable prior-year reserve reestimates, excluding catastrophes.
Approximately $148 million of this total went towards personal auto claims, according to Allstate, including the costs associated with claims in litigation.
He said the rate increases implemented this year for Allstate brand auto insurance resulted in a premium impact of 16.4%, which is expected to boost annualized written premiums by around $4.27.
Similar rate increases for Allstate brand homeowners insurance amounted to an 11.3% premium impact, Merten added, potentially raising annualized written premiums by roughly $1.16 billion.
Allstate plans to make its SEC filing and announce quarterly results after the market’s close on February 7, according to the release.
Agents were issued a memo last month stating that all advertising and insurance sales must be done exclusively in English in compliance with a new state law requiring companies to furnish policy documents in the language they use for advertising.
“You are only authorized to advertise, prospect, quote or sell property and casualty policies on behalf of Allstate in English,” the memo dated December 8 said. “This activity in any other language on behalf of Allstate is no longer authorized.
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