Allstate Gets to Work on Homeowner Unit
Allstate chief executive officer Tom Wilson said in a recent call that his company must start to improve its homeowner unit. The insurer may have to raise prices after a loss on its residential underwriting business, which produced just one dollar for every $1.07 it spent.
Allstate Auto Insurance Does Better Than Other Units
Allstates auto insurance unit remains profitable, and its looking to do the same with its life insurance and home insurance business. Thus far, the company’s auto insurance arm supplies about two-thirds of the company’s revenue, and needs a significant boost from its other divisions. That’s a hefty goal considering Allstate’s life insurance unit has seen its third quarterly decline.
The only way for the company to continue operating in those respective businesses is by raising rates to compensate for operating losses.
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