Implements Allstate brand auto insurance rate increases of approximately 8.3% since fourth quarter of 2021. The Allstate Corporation (NYSE: ALL) estimated catastrophe losses for the month of June totaled $356 million or $281 million, after-tax. June catastrophe losses included 10 events, primarily wind and hail in the Midwest, estimated at $315 million, plus unfavorable reserve […]
Private Passenger Auto Insurance Market by State in 2021
The latest report on the U.S. private passenger auto insurance market from the NAIC details the top 10 insurers in each state as well as the size of each market overall. Data from the National Association of Insurance Commissioners (NAIC) provides a detailed view on the size and scope of the private passenger auto insurance […]
Allstate Reports Implemented Auto Rate Increases Averaging 8.1% Since Fourth Quarter 2021
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 […]
Louisiana Drivers Pay Highest Car Insurance Rates
The 2021 Insure.com report on auto insurance costs shows Louisiana swiping the top spot from Michigan, which was the reigning champ for seven straight years. Louisiana, however, is no stranger to the list, having been in the top five nearly every year since the beginning of the report. “While most states experienced rate declines over […]
American Family Extends 10% Auto Insurance Credits Through March 2021
American Family Insurance announced its third round of premium relief for personal auto insurance customers due to decreased driving and claims from COVID-19, increasing the total amount of relief to $500 million since the pandemic began. American Family Insurance announced today its third round of premium relief for personal auto insurance customers due to decreased […]
USAA to Return an Additional $270 Million to Auto Insurance Policyholders
USAA, the country’s fifth largest property-casualty insurer, announced it is returning an additional $270 million dividend to auto insurance policyholders. This follows earlier announcements that USAA would provide dividends totaling $800 million to its members as a 20% credit on three months’ worth of premiums. This new, additional dividend will reflect 10% of up to […]
California to Require Auto Insurers to Continue COVID-19 Premium Refunds
Consumer groups urge other states to take action. California Insurance Commissioner Ricardo Lara announced that the California Department of Insurance requires auto insurers to continue their COVID-19 related premium refunds to policyholders from April and May, previously directed by the Commissioner, through June and to continue providing relief for any period after June as conditions […]
Safety Insurance Extends 15% Auto Relief Credit Through June 30
Safety Insurance today announced the extension of its Personal Auto Relief Credit through June 30, reflecting changing consumer patterns and needs during the ongoing COVID-19 pandemic. The original credit was announced in April and offered all eligible Safety Insurance personal auto policyholders a 15% credit off their premium for the months of April and May. […]
State Farm Announces $2.2 Billion in Auto Insurance Cuts
State Farm announced that based on current trends, it is working to reduce auto insurance rates in every state. The national average for those rate reductions is 11%, saving customers a total of approximately $2.2 billion. The rate reductions are in addition to its Good Neighbor Relief Program that State Farm previously announced would provide […]
New Jersey Directs Insurance Companies to Provide Premium Reductions to Drivers and Businesses
The New Jersey Department of Banking and Insurance directed insurance companies in the state to provide premium reductions to consumers and businesses during the COVID-19 emergency. The bulletin issued May 12 by the department covers premiums that are paid during the public health emergency that began March 9th and applies to property and casualty insurance […]