Allstate reveals plans to raise auto insurance rates

“The increase to Allstate brand total auto insurance written premiums of approximately 5.1% implemented over this five-month period will be earned throughout the year,” Allstate CFO Mario Rizzo said in a statement.

In an investor presentation, the insurer noted that auto insurance loss costs over the past five years have been comprised of approximately 60% in physical damage claims and 40% in casualty claims. Allstate pointed to rising used car values – which have jumped 68% since late 2018 – as one of the primary reasons for the surge in loss costs, accounting for 60% of the increase in physical

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