Allstate News

Allstate Names Fiato Executive Vice President and Chief Claims Officer

Allstate named Mike Fiato executive vice president and chief claims officer. Fiato will oversee the strategic and operational direction of the claims organization, which employs more than 16,000 employees globally and handles more than 6.5 million claims annually. Fiato has …

Allstate Doesn’t Owe for Diminished Value; Farm Bureau Barred from Subro, Courts Say

Two court rulings in Southeastern states have underscored insurers’ responsibilities under uninsured motorist laws. In a Mississippi class-action lawsuit, the U.S. 5th Circuit Court of Appeals found that Allstate Property & Casualty Insurance Co. had not violated state law by …

Allstate Sues Florida Pain Clinics, Alleging Millions in Fraudulent Billings

After an Allstate Insurance investigation alleged that a well-known Florida pain clinic had conspired with an injury law firm and had fraudulently billed the auto insurer for unnecessary surgeries and risky procedures, Allstate took the unusual step of striking an …

Claims Adjuster Forfeits Beach House, Will Serve Prison Time for Fraud Scheme

A former Allstate claims adjuster will spend one year and a day in prison and forfeit his beach house and pickup truck to the federal government after pleading guilty to wire fraud and money laundering. Federal prosecutors say 51-year-old Paul …

Rate Hikes Not Bringing Profit to U.S. Auto Insurers: Fitch

Jumps in rates and written premiums did little to move the needle on underwriting profits for U.S. personal auto insurers, Fitch Ratings reported based on a recent review of midyear results of nine big market players. Profitability challenges in the …

Allstate Records $2.7B Net Catastrophe Hit on Way to Q2 Loss of $1.4B

Allstate Corp. reported net catastrophe losses of $2.7 billion in the second quarter, resulting in a net loss for the period of $1.4 billion as catastrophe and underwriting losses offset other favorable factors. President and CEO Tom Wilson said the …

Allstate Posts Bigger Loss as Catastrophe Claims Rise

Insurer Allstate Corp. posted a bigger-than-expected quarterly loss on Tuesday as claims related to higher catastrophic events offset gains from strong investment income. The insurer’s adjusted second-quarter loss widened to $4.42 per share from 75 cents a year earlier. Analysts …

California Insurance Market Rattled by Withdrawal of Major Companies

LOS ANGELES (AP) — Two insurance industry giants have pulled back from California’s home insurance marketplace, saying that increasing wildfire risk and soaring construction costs have prompted them to stop writing new policies in the nation’s most populous state. State …

Colo. Supreme Rules Adjuster Can’t Be Held Personally Liable for Denied Claim

A Colorado law that allows claimants to collect double coverage if a claim is unreasonably denied or delayed does not allow plaintiffs to hold claims adjusters personally liable, the state Supreme Court decided Monday. In a unanimous decision, the high …

Allstate Liable in Fatal Accident Because Victim Was a ‘Resident Relative’

The Indiana Supreme Court ruled Thursday that Allstate must pay $25,000 in uninsured motorist benefits to the estranged husband of a woman who died while riding as a passenger in a car crash after moving back in with her parents. …