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...Further reading: — What’s going on with US car insurance? — Unhedged episode on auto insurance — Allstate is a BBB credit now — The insurance storm continues — Car insurance! Again!...
...Further reading: — What’s going on with US car insurance? — Car insurance! Again! — The US insurance storm continues — Taking a CLOser look at insurers...
...As we’ve covered previously, the US’s auto insurance rates have soared 24 per cent over the past two years (v BLS data)....
...California last month struck a deal with insurance companies to continue writing policies for property in disaster-prone areas, after big US names such as State Farm and Allstate stopped issuing any new...
...Given the worsening economics for claims, there is concern that insurers will not underwrite risk at any price. Losses are exacerbated by general inflation, particularly for car insurance....
...Rising auto prices and high demand have indeed played a large part in the long-term trend of higher auto-insurance costs....
...Allstate, State Farm and AIG have stopped underwriting new homeowners’ policies in California because of the risk of destructive wildfires....
...Big insurers such as State Farm and Allstate said recently they had suspended offering home insurance to new customers in California....
...This trend has intensified in recent years with large insurers following suit: for example, Allstate, Chubb and AIG sharply scaled down operations in California citing onerous price regulation....
...Blackstone will combine its insurance and credit businesses into an integrated unit called Blackstone Credit & Insurance, which chief executive Steve Schwarzman says could grow to manage $1tn in the next...
...Around us, business meetings were in full swing with groups of (mainly) men in crisp white shirts and V-necks talking quietly over pots of coffee....
...Alex SkaggsLike, so Allstate, Progressive, all those guys. Ethan WuMargins just being the difference between cost and price, yeah. Alex SkaggsYeah, their profitability. Ethan WuRight....
...Allstate, the fourth largest property insurer in California, is also holding off on signing new policies....
...Last week, US insurer Allstate posted a net loss of $310mn in the fourth quarter as higher motor insurance prices were not enough to overcome increased claims costs and related increases in its reserves....
...The share price of two of the largest US car insurance companies — Take Allstate and Progressive — have fallen in the past month, reflecting the rising costs of underwriting auto insurance policies....
...Allstate cited the growing bill from wildfires as among the reasons it paused selling new home insurance policies in California last year....
...Holdings of UK-listed companies by British pension and insurance funds have plunged from about half of their portfolios to 4 per cent over the past two decades, according to data from Ondra....
...As the prices go up, house prices will go up. But also, you have to do your bit to prevent the collapse of this country in this country’s economy....
...“Not a single one of the clients who are in these funds would pay these rates for any other type of insurance, certainly not term [life] insurance,” she points out....
...Early on, Apollo paid cents on the dollar for bonds Drexel clients had purchased at full price....
...As always you can reach me at sid.v@ft.com....
...As ever, drop me a note at sid.v@ft.com if you’ve got thoughts and ideas for upcoming Future of Money newsletters....
...Ecommerce site eBay, cleaning goods manufacturer Clorox, and insurance companies Allstate and MetLife report after Wall Street’s closing bell....
...A huge chunk of that — Rs205bn — came from the sale of a 3.5 per cent stake in state-run Life Insurance Corporation (LIC) in May through a long-delayed initial public offering....
...You would not know it from looking at their share-price performances. Shares in both Allstate and Chubb are up by a fifth since the start of January, trading near all-time highs....
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