The Allstate Corporation (NYSE: ALL) provided an update of its ongoing efforts to raise auto insurance rates in response to increased claim severity along with its monthly estimate of catastrophe losses for the month of May.
“Allstate continued to implement meaningful rate actions in response to ongoing inflationary impacts on auto insurance severities. During the month of May, the Allstate brand implemented rate increases of 9.3% across 13 locations, resulting in total Allstate brand insurance premium impact of 0.7%. We have implemented 78 rate increases averaging approximately 8.1% across 49 locations since the beginning of the fourth quarter 2021. Allstate