Allstate will seek a 12.2 percent rate hike for homeowners insurance in California, the company said.
According to the Northbrook, Ill.-based insurer, the proposed hike would bring in $96 million in premium revenue and put the company in an improved position to deal with the volatility of natural catastrophes in the state.
Allstate has been conducting a major review of its catastrophe exposure across the country, which has resulted in, among other things, the nonrenewal of 30,000 policyholders in the New York metropolitan area.
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