Allstate Announces November 2023 Implemented Rates

NORTHBROOK, Ill., December 14, 2023 – Allstate Corporation (NYSE: ALL) today announced the implementation of auto and homeowners insurance rates for November 2023.

“Allstate continued to advance our comprehensive plan to improve profitability. Since the beginning of the year, rate increases for Allstate-branded auto insurance have resulted in a premium impact of 11.4%, which is expected to increase annualized written premiums by approximately $2.97 billion, and Rates for Allstate brand homeowners insurance have resulted in a premium impact of 10.1%, which is expected to increase annualized written premiums by approximately $1.03 billion. Implemented rate increases and inflation in insured home replacement costs resulted in a 12.6% increase in the average gross written premium for homeowners insurance in November 2023 compared to the prior year,” said Jess Merten, chief financial officer of The Allstate Corporation. “Additionally, we recently received approval from the California, New York, and New Jersey Departments of Insurance for Allstate brand auto insurance rate increases of 30.0%, 14.6%, and 20.0%, respectively. , while we work with regulators to enable us to offer protection to customers. We expect to implement these rates in December with effective dates through February 2024. The rates are expected to increase annualized written premiums by approximately $1 billion.” Our Implemented Rate Addendum for Auto and Homeowners Insurance was posted at www.allstateinvestors.com.

Allstate's estimated catastrophe losses were below the $150 million reporting threshold for November 2023.

Financial information, including important announcements about The Allstate Corporation, is regularly posted at www.allstateinvestors.com.

Forward-looking statements

This press release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and can be identified by the use of words such as “plans,” “seeks.” , “expects”, “should”, “anticipates”, “estimates”, “intends”, “believes”, “likely”, “targets” and other words with similar meanings. We believe that these statements are based on estimates, assumptions and reasonable plans. However, if estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause results actual events differ materially from those expressed or implied by the forward-looking statements can be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent annual report. on Form 10-K. Forward-looking statements speak as of the date they are made and we undertake no obligation to update or revise any forward-looking statements.

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