Allstate plans to end state
The Allstate Insurance Company, said today that it would cease the activity in Massachusetts because of losses under the insurance harsh laws of the State.
The Allstate Insurance Company, said today that it would cease the activity in Massachusetts because of losses under the insurance harsh laws of the State.
The surprise announcement was almost a week after voters in California threw in the revolt of the industry by the agreement at a rate Roll Back in Property Casualty includes automobile insurance coverage.
Kevin Sullivan, director of the Division of Allstate automotive group, told a press conference he would not Allstate Massachusetts renew their license is valid, if it June 30, even if it is to continue to honour former policy until ‘the end of their validity.
Massachusetts law requires that all companies wishing to sell any form of insurance to participate in a wide open Risiko””auto pool insurance. In addition, the state insurance supervisory Commissioner calculated annually at a single price nationally for each category of mandatory and optional insurance.
Mr. Sullivan said Allstate lost $ 115 million in Massachusetts over the past five years, mainly because of the einzigartigen””regulatorische environment for auto insurance in the country.
Allstate, whose headquarters are in Northbrook, Ill., and one of the greatest nation on the insurer, the management of a company in Massachusetts since 1951. The company Massachusetts 6.6 per cent of the market for auto insurance and 5.2 per cent of homeowners insurance.
Allstate, the third auto insurer outside Massachusetts in the past two years, following the holding of the Kemper group and the Fireman’s Fund Insurance Companies. Two small companies have also withdrawn.
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