FARMINGVILLE, N.Y., Jan. 9 /PRNewswire/ -- Allstate Insurance Company, New
York state's largest auto insurance carrier, today announced a 10.5 percent
statewide increase in the company's auto insurance rates. The new rates take
effect today for new customers, and for renewal business beginning
February 17.
Allstate was forced to make the change to keep up with rising claims
costs, driven primarily by New York's no-fault fraud.
"No-fault insurance fraud is driving car insurance rates in New York, and
is impacting the availability of affordable auto insurance products in the
state," said Maureen Sullivan, field corporate relations manager for
Allstate's New York State Region. "Increasing rates and limiting availability
of insurance products is not the solution to the no-fault fraud problem. New
York auto consumers will continue to pay for fraud, until we can curb its
impact on the state's no-fault system."
"There are solutions to the fraud problem that will harm no one but the
perpetrators of fraud," said Sullivan. "We urge the Legislature to act on the
pending reforms that would stiffen criminal penalties for fraud; shorten
deadlines for submitting bills; establish needed guidelines for treatment, and
decertify medical professionals convicted of insurance fraud."
"We are proud of Allstate's efforts to address the no fault problem, and
we are committed to continue working with lawmakers, the New York State
Insurance Department and law enforcement to help address the no-fault problems
and lessen the financial impacts on our consumers," said Sullivan.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held
personal lines insurer. Widely known through the "You're In Good Hands With
Allstate(R)" slogan, Allstate provides insurance products to more than 14
million households and has approximately 13,000 exclusive agents in the U.S.
and Canada. Customers can access Allstate products and services through
Allstate agents, or in select states at allstate.com and 1-800-Allstate.
Encompass(SM) and Deerbrook(SM) Insurance brand property and casualty products
are sold exclusively through independent agents. Allstate Financial Group
includes the businesses that provide life insurance, retirement and investment
products, through Allstate agents, workplace marketing, independent agents,
banks and securities firms.
SOURCE Allstate Insurance Company
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Related links:
http://www.allstate.com
Company News On-Call:
http://www.prnewswire.com/comp/109885.html
CONTACT:
Michael Trevino or Maureen Sullivan, both of
Allstate Insurance Company, +1-847-402-5600
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