Tag: allstate insurance

Allstate Insurance CEO Reveals Hidden Cause of Rising Auto Insurance Rates

Marc
Allstate Insurance - A woman looking surprised - auto rates increase

In a recent interview with CNBC, Tom Wilson, CEO of Allstate Insurance, shed light on the underlying reasons for the spike in auto insurance rates. He pointed to a crucial factor that has often flown under the radar—the dramatic increase in used car prices over the past few years. This revelation connects the dots between the surge in vehicle costs and the consequential rise in insurance premiums. The Surge in Used Car Prices “The price of used cars skyrocketed by 60% between 2020 and 2022,” noted Wilson. This substantial increase…

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US insurance company Allstate issues catastrophe losses and new rates report

G. Turner
US insurance company - Business - Reports

The insurer has published its February 2024 report on its catastrophe losses and implemented rates. The US insurance company Allstate Corporation (NYSE symbol ALL) recently released its catastrophe loss data for February 2024. In the report, it announced its catastrophe losses were lower than the reporting threshold The US insurance company’s announcement showed data that illustrated that the insurer was under the $150 million reporting threshold for that month. The data shared by the insurer in a recent news release also delved into its rate increase for the auto coverage…

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Judge Rules on Allstate’s Million-Dollar Typo

Marc
insurance news

A case that pitted a Bend, Oregon couple against Allstate Insurance over a mistakenly high settlement offer culminates with the insurer’s error deemed non-binding by federal court. Court Rejects Allstate’s $1M Error The legal saga unfolded when Debra and Kevin Kilroy thought fortune had smiled on them, misled by a typo-infested settlement letter from Allstate which followed Debra’s traumatic encounter with an off-leash dog in 2020. A Painful Mishap with Life-Altering Consequences Debra, while walking on a local trail, suffered multiple fractures after being injured by the Great Pyrenees. The…

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Allstate Changes Down Payment After Insurance Settlement

Logan B.
allstate downpayment reinstated

Allstate, the insurance giant based in Northbrook, Illinois, has made a significant change to its down payment policy for new auto insurance policies. The move comes after a settlement with the California Department of Insurance regarding the insurer’s rate increase application. The Former Down Payment Restriction In July 2022, Allstate began requiring consumers to pay a 50% down payment on new auto policies. This policy represented a substantial upfront cost for consumers, given that the average annual cost for car insurance in California ranges from $1,500 to $1,999, according to…

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Allstate to Scale Back in New York and New Jersey Following Lower Rate Increases

Loreen
Allstate Auto Insurance rate increase

Allstate’s Partial Auto Rate Increase Approval and Its Impact Allstate Insurance, a titan in the auto insurance industry, has recently been thrown into a strategic conundrum. After receiving approval for lower-than-requested rate hikes in both New York and New Jersey, the company is now reconsidering its presence in these states. Despite lobbying for a 29% rate increase in New Jersey and an 18.3% hike in New York, regulatory authorities only concurred to rate increases of just under 17% and 14.6%, respectively. This partial approval has led Allstate to question its…

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