NU Online News Service
Florida regulators agreed that non-hurricane losses and increased reinsurance costs warranted a double-digit rate increase for Allstate subsidiaries operating in the state.
However, Allstate spokeswoman Amy Moore said the approved double-digit rate increases do not "allow the company to keep pace with the costs of providing insurance in Florida."
The Florida Office of Insurance Regulation (OIR) said it approved a 18.7 percent rate increase for Castle Key Insurance Company and a 17.8 percent rate increase for Castle Key Indemnity Company--the subsidiary writing new policies in Florida.
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