Allstate’s decision to cancel pandemic rebates causes loss in customers

The insurer reported it’s worse renewal rate since at least 2001.

Allstate’s renewal rate was 87.5% for 2020, down 0.5% since last year. A key factor is potentially the cancellation of the 15% rebate to the various shelter-at-home mandates. Allstate canceled the discount last summer while competitors maintained their discounts, at least in numerous states. Other competitors, such as State Farm, have slightly increased their rates but not return them to pre-pandemic prices.

Allstate sees it’s lowest renewal rate in almost 20 years

Allstate also reported a reduction in policyholders, down 0.5% to 21.8 million.

Read more https://www.insurancebusinessmag.com/us/news/breaking-news/allstates-auto-insurance-renewal-rate-is-its-worst-in-two-decades-245672.aspx