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Allstate plans ‘significant’ price increases for car insurance in the second half in response to inflationary pressures

allstate plans significant price increases for car insurance in the second half in response to inflationary pressures

Insurer Allstate Corp. ALL, +1.31% said Thursday it is planning “significant” rate actions in the second half of the year for car insurance as it struggles with inflationary pressures. In a regulatory filing, the company said it implemented rate increases of 14.5% across 8 regions in August, resulting in a premium impact of 3.2%. “We have implemented 72 rate increases averaging approximately 10.3% across 51 locations since the beginning of the year,” CFO Jess Merten said in the filing. “Allstate brand implemented auto rate increases totaled $777 million in the month of August and $2.5 billion year-to-date.” Shares were not yet active premarket, but have gained 5% in the year to date, while the S&P 500 SPX, -0.26% has fallen 17%.

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