As it contends with persistent increased loss costs, Allstate will continue driving its vehicle insurance premiums up, and at a faster pace, for the remainder of 2022
the carrier's CEO stated at the Barclays Global Financial Services Conference last month.
CEO Tom Wilson also made a brief mention of labour costs, noting that State Farm, a competitor, had "recently increased their labour prices $6 an hour across the country.
That is not how we operate. Markets and vendors are handled separately, which puts some pressure on costs.
According to Wilson, severity variables including the value of old cars and the inflation of labour and part prices have increased dramatically and are not anticipated to decline.
The real challenge will be determining how much inflation will remain.