"California Faces 30% Auto Insurance Price Hike as Allstate Returns"
Originally Published 1 year ago — by Los Angeles Times
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.