The Allstate Corporation (NYSE: ALL) announced the implemented auto insurance rate increases for August. The company has been raising auto insurance rates in response to increased claim severity.
“Allstate continues to implement significant rate actions in the second half of 2022 in response to inflationary increases to auto insurance severities. During the month of August, the Allstate brand implemented rate increases of 14.5% across 8 locations, resulting in total Allstate brand insurance premium impact of 3.2%. We have implemented 72 rate increases averaging approximately 10.3% across 51 locations since the beginning of the year. Allstate brand implemented auto rate increases