Insurer Allstate Corp. said Thursday it is planning “significant” rate actions in the second half of the year for car insurance as it struggles with inflationary pressures. In a regulatory filing, the company said it implemented rate increases of 14.5% across 8 regions in August, resulting in a premium impact of 3.2%. “We have implemented 72 rate increases averaging approximately 10.3% across 51 locations since the beginning of the year,” CFO Jess Merten said in the filing. “Allstate brand implemented auto rate increases totaled $777 million in the month of August and $2.5 billion year-to-date.” Shares were not yet active premarket, but have gained 5% in the year to date, while the S&P 500 has fallen 17%.
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