Following the $1.08 billion payout by Allstate Corp. for natural disaster claims, the net income for the company’s third quarter fell by 55 percent. Equally, the insurer also said that its investment results were better, and that its auto insurance segment profits assisted in offsetting some of the losses resulting from this year’s storms. Overall, it saw a $165 million net income, which translates to 32 cents per share, when compared with the figures in 2010 which were 68 cents per share and a net income of $367 million. Allstate…
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Allstate invests heavily in online market
Allstate has announced the acquisition of insurance giant Esurance as well as its subsidiary Answer Financial. Allstate will pay in excess of $1 billion for both. The move comes in an effort to capture a bigger portion of the online market. An increasing number of consumers are shopping for insurance policies online, making Esurance a popular medium for finding affordable coverage. The massive insurance corporation has witnessed business in its personal lines dwindle of late. Allstate is looking to expand its service to online consumers, many of whom favor the…
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