Allstate nonrenewing earthquake in most states.Just two months after Allstate Corp. said it no longer would write any new earthquake endorsements, the second-largest homeowners insurer in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. will begin nonrenewing current earthquake coverage in most parts of the country. Allstate spokesman Mike Trevino said the move is part of the property/casualty insurer's ongoing effort to limit its exposure to catastrophic risks, an effort that accelerated after Hurricane Katrina. Allstate's net income fell to $1.76 billion in 2005, down from $3.2 billion in 2004. This was driven by catastrophe losses, including a $3.68 billion pretax loss pretax loss A loss reported before tax benefits are considered. from Katrina and an $850 million pretax loss from Hurricane Rita, both in the third quarter of 2005. Allstate will continue to offer the endorsement to current policyholders in Connecticut, Kentucky, Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. , Florida, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Pennsylvania because of regulatory requirements or, in some cases, business reasons, Trevino said. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion