Allstate posted a 1.1 Billion dollar loss in Q2 of 2022 vs 1.7 Billion dollar profit in Q2 2021. Large rate increases, more restrictive eligibility requirement and substantially reduced advertising all under way. Does not bode well for near term future…..
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@3uyy+1i3fgQLC I have been in the insurance industry for years, I have been with a few companies including Allstate, but I am not there now, I do still have Allstate for my insurance and you want to know why? It is because they still beat almost everyone else. My renewal was coming up 2 months ago and I shopped around, I guess Allstate rewards those with no accident or tickets because you guys were still the winner.
I can tell you with the rate increase we and others have taken recently Allstate is beating other companies more than you think, I hope you don't beat us too often or the Gecko signing my checks might start getting upset!
Transactional growth is when you can barely write one policy to replace 6 policies. Allstate will always have the highest rates
Tom Wilson is a washed up, drunk ex Sears salesman. What do you expect….
Much as I hate to admit it, other carriers are losing money too. Take Progressive for instance, if it were not for their growth in commercial policies, they would be hurting a lot more. But… they have planned better…didn’t dump staff, and are in a much better position overall.
I love it, and I mean LOVE it, after all the sh-t this company has put its employees through year after year, the absolute MISERY that is working here, the insane demands with no/minimal raises, awful benefits, outsourcing to India, MORE MORE MORE every fu----g day! I feel so vindicated. Great job TOmmy and the BOYz, I think you might be rated “did not meet expectations” and will need to put together an “action plan” to improve these metrics, if we don’t see an improvement soon we might need to take “further action” if we can’t get these metrics up!!
nice little perfect storm. investment income is down after carrying companies the last few years. underwriting losses due to pricing leads to premium increases. premium increases leads to customer defections , which leads to further market share loss. take over possibilities coming. golden parachutes for leadership. you dig?
Wilson is out of his league against Geico and Progressive: it does not matter how much he lowers prices…His major competitors will beat him to the punch….and they have the ability to lower more.
The only thing that he has done and will continue to do is destroy any pretense of service to the customer…
Customers are running for the exits and it is delicious…
It sounds like executive bonuses should be halted until the ship is righted. The playbook is not working. Where is the "Growth" in Transformational Growth?
It sounds like executive bonuses should be halted until the ship is righted. The playbook is not working. Where is the "Growth" in Transformational Growth?
And Wilson noted: “more actions need to be taken to execute our growth strategy. Costs will have to continue to be lowered so that price increases can be mitigated for customers”. So guess why that means ? More outsourcing. More offshoring and more American lay offs!