In a consequential ruling that will undoubtedly reverberate through insurance and telemarketing industries, Allstate Insurance has been found in violation of the Telephone Consumer Protection Act (TCPA) in a complex network of agencies and subagencies that ultimately led to unsolicited marketing calls being made to consumers. The case, titled Hossfield v. Allstate, 2024 WL 1328651, was decided on March 28, 2024, by the Northern District of Illinois court. Overview of the Judgment With an intricate chain of lead generation and marketing agencies involved, Allstate faced accusations stemming from actions unwittingly…
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US insurance company Allstate issues catastrophe losses and new rates report
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…
Read MoreAllstate Reports Losses: What Does This Mean for the Market?
In a recent financial disclosure, The Allstate Corporation (NYSE: ALL) has reported significant catastrophe losses for January, posing new questions about the impacts on the broader insurance market. Key Financial Impacts Allstate’s estimated catastrophe losses have tallied up to $276 million pre-tax, or $218 million after-tax, for the month of January alone—a substantial hit to the corporation’s financials. Predominantly, these losses stem from two major events, accounting for the lion’s share—around 80%—of the total figure, although these have been slightly mitigated by favorable re-estimates of prior events’ reserves. Rate Adjustments…
Read MoreAllstate auto insurance rates are jumping sharply in these 3 states
New York, New Jersey, and California regulators have all given the green light to double-digit hikes. Allstate recently announced that it had received the go-ahead for double-digit auto insurance rate increases in New York, New Jersey and California. The approvals follow President and CEO Tom Wilson’s comments regarding dropping customers. Wilson had previously stated that if the auto insurance rate increases were not approved, the company would be dropping customers in those states. The approvals did come through, and they were for very large increases in all three states. New…
Read MoreAllstate puts a halt to Colorado Spanish-language insurance sales due to new law
State lawmakers passed a translation requirement leading the insurer to conduct business in English. Allstate will be stopping all insurance sales conducted in Spanish and will do business exclusively in English in Colorado when a new law goes into effect in 2025. House Bill 23-1004 requires insurers to provide consumers with policy documents in the same language as advertising. The law will mean that policy documents provided to consumers will need to be written in the language in which the company advertises. Therefore, if a company advertises in Spanish, the…
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