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posted: 9/15/2022 11:20 AM

Allstate announces more auto rate increases

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NORTHBROOK -- The higher costs of repairing cars damaged in accidents or storms has led to more rate increases for Allstate, the company said Thursday.

Allstate Corp. said in August it implemented rate increases of 14.5% across eight locations, which include states and Canadian provinces. Those increases totaled $777 million for the company that month, said Jess Merten, Allstate chief financial officer.

"We have implemented 72 rate increases averaging approximately 10.3% across 51 locations since the beginning of the year," Merten said.

In a news release, Merten said the auto rate increases were in response to "inflationary increases to auto insurance severities."