The largest publicly traded American home and auto insurance company, Allstate Corp., has posted its losses for the second quarter, following catastrophe expenses that broke insurance industry records; but its results weren’t as bad as had been predicted. Allstate’s catastrophe losses reached $2.34 billion, making that quarter one of the worst in the entire history of the company. It had already been anticipating significant losses as a result of April and May’s tornado and severe weather activity in the United States. That said, analysts had not anticipated the revenue to…
Read MoreTag: Allstate agent news
Independent Allstate agents look toward unionization
The National Association of Professional Allstate Agents (NAPAA) is looking to unionize as independent Allstate agents accuse the insurer of unfair treatment. Agents are claiming that the company is manipulating independent contractor rules for their benefit as well as reducing compensation for agents. The association, which accounts for nearly 10% of Allstate’s agent force, will be holding votes over the course of the week to determine whether aligning with a union is in the best interest of its members. If members choose to unionize, the NAPAA will become affiliated with…
Read MoreAllstate 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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