Allstate to raise rates on homeowners insurance in Chicago after spate of recent disasters

Allstate is looking to raise rates on homeowners insurance in Chicago. The company has plans to raise rates by an average of 10% throughout the state, citing a rise in water, wind and hail damage claims over the past year. State regulators will not need to review the rate proposal, as the average rate increase does not exceed the 10% mark. The insurer plans to enact the new rates on March 26 this year. 2011 has become notorious for its natural disasters. These natural disasters took a toll in Chicago…

Read More

State Farm auto insurance remains outside of Massachusetts

Following the end of the state-set auto insurance rates in Massachusetts three years ago, there have been over a dozen new insurers that have rushed in to take their piece of that sector. However, the largest auto insurer in the country, State Farm Mutual Automobile Insurance Co., has decided that it will be remaining outside of the state. Other insurers that have made their way in include Allstate, Geico, and Progressive. It’s believed that a fourteenth new auto insurer, Sun Prairie, Wisconsin-based General Casualty, will soon be joining that market.…

Read More

Allstate net income tumbles for third quarter after payouts for natural disasters

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…

Read More

Regardless of tornado losses, Allstate posts better results than predicted

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 More

Allstate updates its estimated Q2 losses, up to $2.3 billion

Allstate has announced their latest estimates of their Q2 losses. The prestigious insurer has had a rough year given the frequency and severity of storms and other natural disasters throughout the U.S. Indeed, the entirety of the nation’s insurance industry has been shaken and many now believe that it stands on unstable ground. Risk analysts and insurance officials have speculated that the industry may not be able to withstand another natural disaster without significant financial aid from the federal government. Allstate’s previous estimations of their losses for the months of…

Read More