For life insurance. Property is another issue. Seems like Allstate's trying to hedge its bets against castastrophic payouts. They lost 3 billion last year. Made a billion back last quarter. Heaven knows how much they need to put away for their rainy-day fund. I kinda feel sorry for the insurance companies actually. People engage in high risk behavior. Are as litigious as heck. Expect other people to pay for their pleasures. Insurance companies exist to make money. Must be hard to do when 9 or 10 figure losses can occur in a few hours.
I am skeptical of the insurance companies is all. They apparently do only want people who will never need their services. Which is fine for them, it's their right, but I think they gouge alot of us whenever possible.
They aren't planning on lowering rates I bet. Since they are eliminating risky clients, the savings are going to profit or the other consumers left?