Allstate Announces March and First Quarter 2023 Catastrophic Losses, Applicable Auto Rates and Prior Year Reserve Reevaluations clicksud.us

NORTHBROOK, Ill., April 20, 2023 – Allstate Corporation (NYSE: ALL) today announced an estimated catastrophe loss for the month of March of $1.17 billion, or $927 million, after tax.

Catastrophe losses for March were estimated at $1.26 billion, related to 10 events, with approximately 75% of losses related to three wind events, partially offset by favorable reserve revaluations for prior events. Catastrophe losses totaled $1.69 billion, pre-tax, for the first quarter.

During the month of March, the Allstate brand implemented auto rate increases of 7.6% across 10 locations, resulting in an overall brand premium impact of 0.5%.

“Allstate continued to implement significant auto insurance rate actions as part of our comprehensive plan to improve profitability. Since the beginning of the year, the rate increase for Allstate brand auto insurance resulted in a premium impact of 1.7% is expected to increase annual written premiums by approximately $454 million,” said Jess Merton, Chief Financial Officer of Allstate Corporation. “In addition, the California Department of Insurance recently approved our latest Allstate brand auto insurance rate increase of 6.9%, which we expect to implement in April and take effect in June 2023.” Our implemented auto rate schedule is posted at allstateinvestors.com.

Adverse prior year reserve revaluations, excluding catastrophes, totaled $27 million in the first quarter, of which $23 million was attributed to commercial insurance, primarily related to business that is being exited. Beginning next quarter, we will only disclose quarterly prior year reserve revaluations, excluding catastrophes if material.

Financial information, including important announcements about Allstate Corporation, is posted regularly at www.allstateinvestors.com.

forward-looking statements

This news release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not strictly relate to historical or current facts and can be identified by the use of words such as “plan,” “.” intends, “expects,” “will,” “should,” “anticipates,” “anticipates,” “intends,” “believes,” “likely,” “targets” and similar Other words with meaning We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove to be incorrect or if other risks or uncertainties arise, actual results may differ materially from those stated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in forward-looking statements can be found in our filings with the US Securities and Exchange Commission, including our most recent annual report. Includes a “Risk Factors” section. on Form 10-K. Forward-looking statements are as of the date they are made, and we undertake no obligation to update or revise any forward-looking statements.

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