Allstate loses over $2 Billion in period between April and May

Allstate Corp., has announced that in the two month span between April and May, its catastrophe losses were greater than $2 billion.  According to Allstate, which is the biggest publically traded home and auto insurance company in the United States, the losses within these two months matched that of their losses for the entire 2010 year – which totaled $2.21 billion.  This was primarily the result of massive devastation due to severe thunderstorms and tornadoes.  In fact, April and May 2011 have now become one of the worst two-month periods…

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Allstate Insurance growth outlook

Allstate is looking to improve its home and auto insurance units by 2013. Executives at the massive insurance company spoke with investors the other day regarding the matter, saying that focusing on these units will help them recover from losses earlier this year.  Allstate’s auto insurance unit has been hemorrhaging clients for three consecutive years, a trend that executives expect to continue throughout 2011, only to see modest growth again in 2013. The renewed focus on these units comes after Allstate’s CEO, Tom Wilson, reported “inadequate returns.” As far as…

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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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