Illinois Residents Face New Wave of Insurance Rate Hikes

Illinois auto insurance rates

Major Rate Hikes by Allstate and State Farm: A Financial Challenge for Illinois Motorists and Homeowners Illinois motorists are facing a financial squall as insurance giants Allstate and State Farm implement major rate hikes, signaling a challenging period ahead for policyholders. Allstate is poised to shock the market with an abrupt 12.7% increase in homeowners’ premiums this week, and State Farm follows closely, scheduling a 12.3% climb in May, as disclosed by the Chicago Tribune. However, the strain doesn’t stop there — a staggering average rise of 28% in auto…

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Allstate sees 46 percent revenue increase in 2012 first quarter

Allstate Insurance company news

The insurer experienced significant improvements in its home and auto markets. Allstate Corp. has announced that the net income for the first quarter of 2012 had increased by approximately 46 percent to $766 million, in a news release from the company. The chief executive officer of the insurer, Thomas J. Wilson, stated that the strategy of the carrier for improving their margins in the homeowners and auto insurance sectors had been paying off. The property-liability segment at Allstate generated a $523 million underwriting profit within that quarter This was notably…

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