Allstate Corporation (NYSE: ALL) has reported estimated catastrophe losses for February 2024, which were below the $150 million reporting threshold. The company has implemented rate increases for its Allstate brand auto and homeowners' insurance.
Specifically, the rate increases for Allstate brand auto insurance resulted in a premium impact of 0.1% for the month of February and 1.5% year-to-date. On the other hand, rate increases for Allstate brand homeowners insurance have led to a premium impact of 2.4% for the month of February and 2.7% year-to-date.
Moreover, the implemented rate increases and inflation in insured home replacement costs have resulted in a significant 12.4% increase in homeowners' insurance average gross written premium in February 2024 compared to the prior year.
These changes in premium impacts and gross written premiums reflect the company's efforts to adjust its pricing strategy in response to various factors affecting the insurance market. It will be interesting to see how these adjustments impact the company's financial performance in the coming quarters. Following these announcements, the company's shares moved -0.6%, and are now trading at a price of $160.28. Check out the company's full 8-K submission here.
