(Bloomberg) -- Allstate Corp., the largest publicly traded U.S.seller of car and home insurance, said it’s raising rates fordrivers after profitability declined at its namesake auto unit.

Allstate joins Berkshire Hathaway Inc.’s Geico in lifting rates after marginsworsened. First-quarter underwriting income for Allstate autofell 48% to $144 million, the insurer said on a spreadsheet postedon its website on Tuesday.

“We didn’t make as much money in auto insurance this quarter, inpart because of weather, in part because we have to adjust prices,reflecting economic activity,” Allstate Chief Executive Officer TomWilson said in a conference call on Wednesday. He said customershave been driving more miles as the economy improves, increasingthe number of claims.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.