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Allstate Asks State for Rate Hikes

November 15th, 2007 by flanews

The Allstate Insurance Company appeared before state regulators Thursday. The company wants to increase some property and fire insurance premiums by a quarter to more than a third. Allstate says it is losing money in Florida, despite posting near record profits companywide. Allstate says it is committed to doing business in Florida.

We are committed to the Florida property market and I wouldnt want to speculate about on what may or may not happen with this particular rate hearing,” said Allstate spokesman Adam Shores. “But we are committed to our customers here. Weve made a commitment to be there for them, to meet the promise weve made to them. And were going to stand by that commitment.”

Allstate is one of several companies that will have to answer to regulators next month about possible collusion.

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