Allstate has secured regulatory approval to increase auto insurance rates in California, New York, and New Jersey.
CFO Jess Marten said the insurer will be implementing rate increases of 30%, 14.6%, and 20% in the respective states beginning December, with effective dates through February 2024.
These rates are expected to increase annualized written premiums by approximately $1 billion, according to Marten, building on Allstate’s ongoing plan to improve profitability.
