How much in losses will Allstate take?
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Hopefully a ton. They are deplorable.
Castle Key go bye bye now.
@4auiw and the up voters….forget work flow tool. You guys are the Tools. And probably amongst the group that think your rating is to low.
Go away Losers
I’m hearing there’s some serious concern about losses from Milton - definitely enough to bankrupt whatever the weird shell company Allstate uses in Florida and serious pain to Allstate as well.
Yes,netgen has large book of business in NC and the auto loses will be a lot.
I hope it is A LOT!! By the time it hits the books and eats up a load of our profit I can bank another 6-12 months of checks doing a half assed job and falsifying the information on the Work Flow Tool. And then finally get my lay off notice and 19 years worth of severance. THEN milk 6 months out of unemployment.
Pay up Big Blue!
Is there an echo in here? How many different ways can you say the same thing?
COMREHENSIVE COVERED FLOOD FOR VEHCILES - Many homes werentt flooded but have wind damage. That is covered on a standard HO3 less your deductible. Agents used to put 5% hurricane ded to save a coule bucks. Many stuck with $1k all peril and wind damage will be covered on most HO3 and Ho5 policies.
Thousands if not tens of thousands full coverage cars are going to be total losses due to flood.
Honestly all the turn around profits from the first 2 quarters of 2024 for most companies are going to be wiped with Helene (and more to come).
Alot of the NC losses will be due to flood - Allstate won't be on the hook for that. Georgia seems like mostly wind, so Allstate will have to cover it.
Damage from wind on house is covered absent flood policy. Flood policy needed for water damage from tidal surge. Comprehensive coverage on auto covers flood and water damage.
I’m not a claims adjuster. But I work for Allstate. It seems like the home losses will only be covered if you have flood insurance? If you have total coverage on your car, does that cover flood? seriously interested because these storms are getting out of control in every state.
It'll take a decade of lawyers, but ultimately all of it.
All of it.
We'll be insolvent.
I’d guess 750M before reinsurance - FL won’t be much for Allstate other than some flood losses due to their limited HO appetite but GA and NC will be significant for those states at least. Believe National General is the largest auto writer in NC so could even see that get called out.