Allstate Insurance Cambridge Ohio – NORTHBROOK, Ill., April 20, 2023 – Allstate Corporation (NYSE: ALL) today announced a catastrophic loss for the month of March of $1.17 billion, or $927 million after tax.
Catastrophic losses for events in March were estimated at $1.26 billion related to 10 events, with approximately 75% of losses from the three winds partially offset by favorable inventory revaluations for earlier events. The catastrophic loss for the first quarter was $1.69 billion before taxes.
Allstate Insurance Cambridge Ohio
During the month of March, the Allstate brand automatically raised 7.6% at 10 locations, resulting in an overall 0.5% impact on the brand’s premium.
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“Allstate has continued to implement significant auto insurance actions as part of our comprehensive plan to increase profitability. Year-to-date, Allstate auto insurance rate increases have had a premium impact of 1.7%, which is expected to be an annual written increase. It increased premiums by approximately $454 million,” said Jess Merten, CFO of Allstate Corporation. “Additionally, the California Department of Insurance recently approved our latest application for a 6.9% increase in Allstate brand auto insurance, which we expect to implement in April. Effective June 2023.” Our implemented automated rate exhibit is posted on allstateinvestors.com.
Excluding catastrophes, prior-year negative reserve revaluations were $27 million in the first quarter, of which $23 million related to commercial insurance, primarily discontinued operations. Starting next quarter, we will only disclose the prior year’s stock quarterly, except for catastrophes if they are significant.
This press release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans, which are subject to uncertainty. These notices are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and can be identified by the use of words such as “plans”, “expectations”. ,” “expects,” “will,” “should,” “estimate,” “estimate,” “intend,” “believe,” “may,” “target” and other similar words. reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove incorrect or other risks or uncertainties arise, actual results could differ materially from those expressed in these forward-looking statements. Forward-looking statements differ materially from those contained in our filings with the Securities and Exchange Commission, including the “Risk Factors” section of our most recent Annual Report on Form 10-K. We are not obligated to review.
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