Allstate announces underwriting restrictions

Allstate reported its financial results for the third quarter of 2022. The insurer ended the quarter with a 111.6 combined ratio and a net loss of $694 million.

Allstate announced some underwriting restrictions. For the time being, the insurer will no longer write new homeowners and condominium business in California. In addition, commercial insurance is being exited in five states and coverage to transportation network companies will not be offered unless it utilizes telematics-based pricing.

Last, plans to reduce personal lines insurance in states with unacceptable auto and home insurance margins are being expanded.