Things are not looking good with Allstate, which has posted its worst auto insurance customer retention numbers in two decades.
In 2020, the company’s auto policy renewals were 87.5%, down from 88% in 2019. It was Allstate’s worst policy renewal rate since at least 2001, investor disclosures noted.
Moreover, Allstate’s earnings data revealed that there was also a 0.5% decline in policies at year-end, to 21.8 million. The insurer’s renewal ratio in 2020 was 78.2% – its worst quarterly attrition in at least eight years.