Allstate Announces August 2023 Catastrophe Losses And Implemented Rates; Losses For The Month Of August Of $551M Or $435M, After-Tax
Portfolio Pulse from Benzinga Newsdesk
The Allstate Corporation (NYSE:ALL) reported estimated catastrophe losses of $551 million ($435 million after-tax) for August 2023, including $641 million from 18 events, half of which were related to the Maui wildfire. The company also implemented auto rate increases of 7.0% across 5 locations, impacting total brand premium by 0.2%. Since the start of the year, rate increases have resulted in a premium impact of 8.6%, expected to raise annualized written premiums by approximately $2.23 billion. Homeowners insurance average gross written premium increased by 13.2% in August 2023 compared to the prior year.
September 21, 2023 | 12:19 pm
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NEUTRAL IMPACT
Allstate's reported catastrophe losses and rate increases could impact its financial performance and stock price. The rate increases are expected to raise annualized written premiums by approximately $2.23 billion.
The reported catastrophe losses will negatively impact Allstate's earnings, but this may be offset by the implemented rate increases, which are expected to raise annualized written premiums. The net impact on the stock price is uncertain, hence a neutral score is given.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100