Tag: Allstate

New York Department of Financial Services issues insurance company fines to 4 insurers

Logan B.
Insurance company fines - US dollars

Allstate, State Farm, AIG Property Casualty Company, and Tri-State Consumer Insurance must all pay over $10.6 million. A ruling has been issued for a lawsuit the New York Department of Financial Services filed against four insurers has resulted in fines of more than $10 million in insurance company fines for customer restitution. The lawsuit was filed following the violation of insurance statutes and regulations in the state. The NY State Department of Financial Service Superintendent Linda A Lacewell made the announcement of the lawsuit against the insurers. The affected insurers…

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Allstate joins the CDP Supply Chain to advance its sustainability commitments

G. Turner
CDP Supply Chain - Hand holding tree

The insurer joined a select few property and casualty providers in asking more of suppliers. The Allstate Corporation has announced that it has joined the CDP Supply Chain, which means it will be requesting that its key suppliers report their emissions data. This will be one of several steps the insurer is making to boost its supply chain transparency. The emissions data is reported to CDP Supply Chain, which is a global non-profit disclosure system that makes it possible for businesses to manage and measure the impact they have on…

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Allstate points to Better Arguments project to avoid toxic conversations

Marc
Better Arguments Project - woman, man facing away from one another

The insurer issued a news release stating that toxicity in communications are “threatening our future.” Allstate Insurance recently issued a news release praising the strategies of The Better Arguments Project. This strategy is meant to help Americans to better navigate the current environment which consists of the “deepest political and cultural divides in our nation’s history.” The insurer acknowledged that the divisions are only worsened by the COVID-19 pandemic crisis. According to Allstate, “our collective future depends on Americans’ ability to come together.” However, at the same time, it didn’t…

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Allstate and Liberty Mutual provide Lyft driver insurance in several states

Logan B.
The insurers are offering coverage to the rideshare company’s drivers in states including California. Lyft driver insurance is now available in a handful of different states through Allstate and Liberty mutual, including in California and Texas. Effective as of the start of this month, Allstate has started selling this commercial auto coverage. October 1 brought Allstate’s Lyft driver insurance to California Iowa, Indiana, Kansas, Kentucky, Missouri, Ohio and West Virginia. The policies are issued by an Allstate subsidiary called North Light Specialty Insurance Co and are managed by Allstate Business Insurance. This commercial auto coverage is provided specifically throughout the Lyft trip’s entire cycle. It begins when a driver turns on the app, continues through until they pick up their customer, and runs until the completion of the trip. Allstate automatically protects riders at no additional cost when they are in a Lyft driver’s vehicle. The extent of the coverage varies from one state to the next and from one period of engagement to the next. This may extend to property damage and bodily injury liability, uninsured/underinsured motorist liability, collision, and comprehensive coverage. It is subject to deductibles, policy terms and conditions. Until now, Lyft driver insurance has essentially meant a reliance on a personal auto policy. That coverage is still applicable when the driver is offline or has not turned on the app. Some Allstate customers who drive for transportation network companies (TNC) also add additional ridesharing coverage, for instance the Ride for Hire coverage through Allstate. That protects them above and beyond what their personal auto policy would provide and what TNC commercial coverage protects. Drivers in Arizona, Michigan, New Mexico, Texas and Utah can now purchase their rideshare coverage through Liberty Mutual Insurance. That insurer’s program provides coverage specific to the needs of Lyft drivers within those states from the moment the app turns on to the moment it turns off. Lyft vice president of risk, Curtis Scott, explained that the new Allstate and Liberty Mutual Lyft driver insurance policies are a reflection of the rideshare company’s efforts to widen their coverage partnerships and form an auto carrier panel that will make it possible for the company to make sure there is claims handling specifically for this unique type of operation.

The insurers are offering coverage to the rideshare company’s drivers in states including California. Lyft driver insurance is now available in a handful of different states through Allstate and Liberty mutual, including in California and Texas. Effective as of the start of this month, Allstate has started selling this commercial auto coverage. October 1 brought Allstate’s Lyft driver insurance to California Iowa, Indiana, Kansas, Kentucky, Missouri, Ohio and West Virginia. The policies are issued by an Allstate subsidiary called North Light Specialty Insurance Co and are managed by Allstate Business…

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Allstate Corporation July losses offset by substantial income generation

Logan B.
Allstate Corporation - Money - Puzzle

Though there were a number of catastrophic events, PG&E subrogation recoveries made up for it. Allstate Corporation has reported that even though it faced a spectrum of catastrophic events during July 2020, the losses it experienced were more than offset by its incomes. The insurer faced losses of $145 million in July due to catastrophic events of various forms. The losses faced by Allstate Corporation were more than offset to the PG&E subrogation recoveries income generation that occurred during that same month. In July, the catastrophic event losses were quite…

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Allstate Q2 report shows a strong 49 percent increase in profit

Logan B.
Allstate Q2 - person holding money

Despite the impact of the pandemic, the insurance giant reported a $1.2 billion net income. The Allstate Q2 earnings report has revealed that the company brought in a net income of $1.2 billion and saw a 49 percent increase in profits over the second quarter of 2019. The insurer saw a $904 million underwriting income, which is a 146 percent year over year rise. The 146 percent increase in the Allstate Q2 underwriting income brought the company’s income from last year’s second quarter at $537 million to $904 million this…

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National General to be acquired by Allstate for $4 billion

Logan B.
National General - Business Deal

The insurance giant is making the purchase to expand its auto reach and independent agent business. Insurance giant Allstate Corp announced this week that it will purchase National General Holdings Corp for about $4 billion. This will be a cash purchase, boosting the insurer’s auto insurance business just as the pandemic crisis has made that sector highly profitable. Auto insurance claims are way down due to the smaller amount of traffic on the roads. National General shareholders will be compensated with $32 per share in cash. They will also receive…

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