Allstate Comments on California Homeowners Insurance Rates
Downloads
May. 23, 2007 Rancho Cordova, Calif. -
Responding to statements made today by California Insurance Commissioner Steve Poizner, Allstate said the following:
"The facts are that Allstate's California homeowners insurance rates currently in place were reviewed and approved by the California Department of Insurance in 2003, and our policies are competitively priced," said Rich Halberg, Allstate spokesman for the company's California Region. "In fact, more than 50,000 Californians chose Allstate for new homeowners insurance policies in 2006, attracted by the value and competitive price of our policies.
"Allstate is seeking a rate increase for homeowners insurance in California - the first in almost four years - so that the company will be in a strong position to help meet the needs of policyholders in California over the long term. This rate increase would reflect the true costs of providing homeowners insurance in the state, including the cost of potential assessments from the California Earthquake Authority and the costs of reinsurance contracts, which help to provide added protection by diversifying catastrophe risk.
"We look forward to our hearing before the department so that we can present the facts about our rates and California's catastrophe risk in an impartial and fair proceeding," concluded Halberg.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate®" slogan, Allstate helps individuals in approximately 17 million households protect what they have today and better prepare for tomorrow through approximately 14,800 exclusive agencies and financial representatives in the U.S. and Canada. Customers can access Allstate products and services such as auto insurance and homeowners insurance through Allstate agencies, or in select states at allstate.com and 1-800 Allstate®. The Allstate Financial Group provides life insurance, supplemental accident and health insurance, annuity, banking and retirement products designed for individual, institutional and worksite customers that are distributed through Allstate agencies, independent agencies, financial institutions and broker-dealers.
Contact:
Rich Halberg
(916) 859-8615 office
(916) 802-4981 cell
