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 brand. That increase brought about a premium impact of 0.1 percent for February, as well as a 1.5 percent year-to-date premium impact.
On the homeowners coverage side of the Allstate brand, rate increases brought about a 2.4 percent premium impact during February. That translated to a year-to-date increase of 2.7 percent.
Rate increases and inflation impact on the US insurance company
Home replacement cost inflation, and the rate increases resulted in a home policy average gross written premium increase of 12.4 percent for the US insurance company during February 2024 when compared to the same month in 2023.
The insurer has posted its implemented rate exhibit for auto and homeowners insurance on its official website of www.allstateinvestors.com. That website is regularly updated with the insurer’s financial information, which includes announcements about the company itself.
About Allstate
The Allstate Corporation is a US insurance company based out of Illinois for the past two years. It was originally created in 1931 as part of Sears, Roebuck and Co. In 1993, the company was created as its own organization, though it remained partially owned by Sears. In June 1995, Allstate became its own independent company, completely separate from Sears.
The insurer is primarily focused on home and auto policies across the country, with coverage in all 50 states. This insurer also sells personal lines insurance in Canada. It is known for its “good hands” slogan and logo of large hands holding a house, as well as for its popular commercials starring its “Mayhem” character that is portrayed by the actor Dean Winters since the campaign first launched in 2010.
