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Allstate (NYSE:ALL) expects its catastrophe losses were below the $150M reporting threshold for November, the insurer said Thursday.
The company also noted that it got the green light from Departments of Insurance in California, New York and New Jersey for brand auto insurance rate increases of 30.0%, 14.6% and 20.0%, respectively.
The new rates are expected to be implemented in December, with effective dates through February 2024, Allstate CFO Jess Merten said in a statement. He said that the rates are expected to lift annualized written premiums by about $1B, underscoring ALL’s progress on improving profitability.
“Since the beginning of the year, rate increases for Allstate brand auto insurance have resulted in a premium impact of 11.4%, which are expected to raise annualized written premiums by approximately $2.97 billion, and rate increases for Allstate brand homeowners insurance have resulted in a premium impact of 10.1%, which are expected to raise annualized written premiums by approximately $1.03 billion,” he added.
ALL was virtually flat in Thursday morning trading.