Newswires
NORTHBROOK, Ill. , April 20, 2023 - The Allstate Corporation (NYSE: ALL) today announced estimated catastrophe losses for the month of March of $1.17 billion or $927 million , after-tax.
Allstate Announces March and First Quarter 2023 Catastrophe Losses, Implemented Auto Rates and Prior Year Reserve Reestimates – Form 8-K
U.S. Regulated Equity Markets (Alternative Disclosure) via PUBT
Allstate Announces March and First Quarter 2023 Catastrophe Losses, Implemented Auto Rates and Prior Year Reserve Reestimates
Catastrophe losses for March events were estimated at $1.26 billion , related to 10 events, with approximately 75% of the losses related to three wind events, partially offset by favorable reserve reestimates for prior events. Catastrophe losses for the first quarter totaled $1.69 billion , pre-tax.
During the month of March, the Allstate brand implemented auto rate increases of 7.6% across 10 locations, resulting in total brand premium impact of 0.5%.
"Allstate continued to implement significant auto insurance rate actions as part of our comprehensive plan to improve profitability. Since the beginning of the year, rate increases for Allstate brand auto insurance have resulted in a premium impact of 1.7%, which are expected to raise annualized written premiums by approximately $454 million ," said Jess Merten , Chief Financial Officer of The Allstate Corporation . "In addition, the California Department of Insurance recently approved our latest Allstate brand auto insurance rate increase filing of 6.9%, which we expect to implement in April and be effective in June 2023 ." Our implemented auto rate exhibit has been posted on allstateinvestors.com.
Unfavorable prior year reserve reestimates, excluding catastrophes, totaled $27 million in the first quarter with $23 million attributed to commercial insurance, primarily related to business that is being exited. Beginning next quarter, we will only disclose quarterly prior year reserve reestimates, excluding catastrophes, if material.
Financial information, including material announcements about The Allstate Corporation , is routinely posted on www.allstateinvestors.com.
Forward-Looking Statements
This news release contains "forward-looking statements" that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like "plans," "seeks," "expects," "will," "should," "anticipates," "estimates," "intends," "believes," "likely," "targets" and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission , including the "Risk Factors" section in our most recent annual report on Form 10-K. Forward -looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.
# # # #
Attachments
Disclaimer

Top-10 Medicare Advantage plans dominate market
At-Bay Introduces World's First InsurSec Solution to Address Growing Cybercrime Rates among U.S. Small Businesses
Advisor News
- How to support an entrepreneur client with multiple businesses
- Could a narrower focus help grow your practice?
- U.S. debt hits $40 trillion: how to support concerned clients
- Flourish brings private-bank-like cash solution to MassMutual’s network
- Majority of Americans concerned recent market highs are unsustainable
More Advisor NewsAnnuity News
- MassMutual Expands Lending Options With New Secured Credit Line
- Corebridge Financial Introduces Progressive Trigger, a First-of-Its-Kind Index Annuity Strategy Designed to Turn Missed Years into Future Opportunity
- Insurer proposes $1.1M deal to resolve CA teachers’ annuity fee lawsuit
- IMOs get frustrated with slow carrier adoption of faster technology
- New class-action lawsuit targets Delaware Life over annuity disclosures
More Annuity NewsHealth/Employee Benefits News
Life Insurance News