Allstate Announces October 2023 Implemented Rates; For Allstate Brand Auto Insurance Have Resulted In A Premium Impact Of 10.4%, Which Are Expected To Raise Annualized Written Premiums By ~$2.70B; Estimated Catastrophe Losses Were Below The $150M In Oct
Portfolio Pulse from Benzinga Newsdesk
Allstate Corporation (NYSE:ALL) has implemented rate increases for its auto and homeowners insurance in October 2023. The auto insurance rates have increased by 10.4%, expected to raise annualized written premiums by approximately $2.70 billion. Homeowners insurance rates have seen a 9.6% increase, expected to raise annualized written premiums by about $982 million. Additionally, the average gross written premium for homeowners insurance rose by 12.2% in October 2023 compared to the previous year. Allstate's estimated catastrophe losses for October were below the $150 million threshold.
November 16, 2023 | 1:33 pm
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Allstate's rate increases for auto and homeowners insurance are expected to significantly boost annualized written premiums, with a positive impact on the company's revenue and profitability.
The rate increases for Allstate's insurance products are substantial and are expected to directly contribute to the company's top-line growth. The positive impact on annualized written premiums suggests a strong revenue outlook, which is likely to be viewed favorably by investors. The fact that catastrophe losses were below the threshold also indicates better than expected cost management, which could further improve profitability.
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