Ryan Priest
Ryan Priest
beginning rate risk stated within
We have stated from the beginning when we filed this that. .. it was a rate appropriate for our risk within the state of Florida.
capital cent companies inception realized since state wiped
It wiped out every cent of capital the Allstate companies had realized since their inception in the state of Florida.
alone build companies continuing florida fund grows major matter national needs private purchase raise rather recognize reduce situations state
It's a matter in Florida that private companies and the state really can't do it alone when it comes to major catastrophic situations back to back to back. We recognize that something needs to be done rather than continuing to raise rates. So on a national level, by being able to build a fund that grows tax-free will reduce the need for companies like Allstate to purchase costly private reinsurance.
customers follow imperative
It was imperative for us ... to be able to follow through on the commitments we make to our customers to have the capital.
arising customers future increase losses necessary protect rate similar storm
The rate increase is necessary to protect our customers from losses arising from future storm seasons, similar to 2004 and 2005.