Two Florida insurance companies, Castle Key Indemnity Company and Amica Mutual Insurance, are seeking rate hikes of over 50% for condo and vacation home owners, citing increased repair costs, severe weather, and higher reinsurance premiums. Allstate, the owner of Castle Key, stated that the rate increase was filed nearly a year ago and has begun rolling out to customers. Industry experts attribute the cost increase to factors such as the Surfside condo collapse, inflation, and higher reinsurance prices. Former State Sen. Jeff Brandes emphasized the need for the legislature to address the rising cost of homeowners insurance in Florida with a long-term strategy.
Allstate has resumed selling auto insurance policies in California after a pause, but with a 30% price increase on average, approved by the California Department of Insurance. This follows a challenging period for auto insurers in the state, with companies facing losses in 2022 due to increased payouts for accidents and disasters. Other major insurers like State Farm and Geico are also raising rates to compensate for previous losses. Allstate's rate increases in California, New York, and New Jersey are expected to bring in an extra $1 billion in premiums, despite the company reporting a $188 million loss last fiscal year.
Allstate has increased auto insurance premiums by 30% for California drivers, with the rate hike going into effect on Feb. 7 for new and renewed policies. The company cited the need to adjust rates due to increased payments for customer recovery from accidents and disasters. Allstate is now writing business in California across all channels and represents 11% of the market. Other insurers, including State Farm and Geico, have also implemented rate hikes for California customers, contributing to an 18% average annual car insurance premium increase in the state.
Two insurance companies, Castle Key Indemnity Company and Amica Mutual Insurance, are seeking approval for premium hikes of over 50% for Florida homeowners, citing increased costs due to severe weather events. The Florida Office of Insurance Regulation will hold hearings to decide on the rate requests. Mark Friedlander of the Insurance Information Institute noted that the proposed increases are lower than last year's triple-digit jumps, and mentioned that seven new insurers have been approved to write homeowners' policies in Florida in 2024, potentially leading to more choices and better pricing for homeowners. Allstate, the owner of Castle Key, stated that the cost of providing reliable protection for Florida homeowners has risen dramatically and expressed confidence in recent insurance reforms addressing longstanding challenges in the state.
Jim Cramer shared his insights on various stocks, expressing positive views on Allstate and CVS, while cautioning about PayPal and expressing mixed feelings about Kimberly-Clark. He also expressed optimism about Lennar's potential for growth in the market.
Allstate suffered significant losses and struggled to secure desired rate increases, leading the insurance company to threaten to stop renewing auto insurance for customers in three states that resisted its demands. This move would have left policyholders scrambling for coverage, prompting the states to yield to Allstate's demands.
Allstate is testing a new sponsorship approach by replacing traditional commercials with football trivia questions from Allstate during the streaming of an NFL game featuring the Jacksonville Jaguars and the Atlanta Falcons. The game will be streamed on Disney+ and ESPN+ and will feature Pixar's "Toy Story" characters emulating the real-life gridiron action. The trivia questions will be integrated into the game breaks, allowing Allstate to reach the audience without disrupting the content. This innovative approach reflects the growing trend of finding alternatives to traditional commercial breaks in streaming services.
Allstate has been named the title sponsor of the annual football game between the Texas Longhorns and Oklahoma Sooners, which will now be called the Allstate Red River Rivalry. The game, played at the Cotton Bowl in Dallas, has a rich history dating back to 1900. Allstate secured the naming rights through LEARFIELD, a leader in intercollegiate athletics. The sponsorship complements Allstate's longstanding partnerships with both universities. The game will be broadcast live on ABC, and tickets can be purchased from each school's athletic department.
Allstate and State Farm, two of California's largest home insurance providers, have stopped issuing new home insurance policies, citing climate change and inflation as reasons. Consumer Watchdog has accused the companies of extortion, claiming that they are not losing money and that their profits in California on homeowners insurance are four times the national average. The group's founder, Harvey Rosenfield, has called on California Insurance Commissioner Ricardo Lara to force the companies to resume selling homeowner insurance policies or risk being banned from selling all other forms of insurance in California.
Allstate has stopped issuing property and casualty coverage to new customers in California due to rising costs, including higher reinsurance premiums and repairing homes damaged by wildfires. The company made the announcement in November 2021 and will continue to offer coverage to existing customers. State Farm also announced a similar move last month, citing wildfire risks and increasing construction costs.
Allstate has stopped selling new home-insurance policies in California, citing the increasing risk of wildfires. The company has stated that it will continue to renew existing policies and provide coverage for current customers. This move comes as insurance companies are grappling with the rising costs of natural disasters, particularly wildfires, which have become more frequent and severe in recent years.
Allstate has stopped selling new home-insurance policies in California, citing the increasing risk of wildfires. The company has stated that it will continue to renew existing policies and provide coverage for current customers. This move comes as insurance companies are grappling with the rising costs of natural disasters, particularly wildfires, which have become more frequent and severe in recent years.
Allstate has stopped selling new home-insurance policies in California, citing the increasing risk of wildfires. The company has stated that it will continue to renew existing policies and provide coverage for current customers. This move comes as insurance companies are grappling with the rising costs of natural disasters, particularly wildfires, which have become more frequent and severe in recent years.
Allstate has stopped selling new home-insurance policies in California, citing the increasing risk of wildfires. The company has stated that it will continue to renew existing policies and provide coverage for current customers. This move comes as insurance companies are grappling with the rising costs of natural disasters, particularly wildfires, which have become more frequent and severe in recent years.
Allstate has announced that it will no longer sell new home-insurance policies in California, citing the increasing risk of wildfires in the state. The company will continue to provide coverage to existing customers, but will not renew policies for homes in high-risk areas. Other insurance companies have also been reducing their exposure to wildfire risks in California, leading to concerns about a lack of coverage options for homeowners in affected areas.
