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Gallagher Questions Allstate Rate Request; Independent Review Shows Flaws in Allstate's Request

8/5/2005

CONTACTO:
Tami Torres o Bob Lotane
(850) 413-2842
 
TALLAHASSEE–Florida's Chief Financial Officer Tom Gallagher said today that an independent review of Allstate Floridian Insurance Company's request for higher rates shows deficiencies and raises troubling questions about the company's motives in seeking rate increases.
 
"The numbers do not add up," said CFO Gallagher, "It is becoming clear that their request for a rate increase is unjustified, and I think they need to reconsider their decision to raise rates on their policyholders. Allstate customers deserve accountability from their insurance provider."
 
CFO Gallagher is requesting that Allstate customers apply pressure to the company by participating in upcoming public hearings to review Allstate's rate requests.
 
The deficiencies in Allstate's rate request were discovered after an independent review was carried out by Gallagher's Consumer Advocate's Office. The independent review examined Allstate Floridian Insurance Company and its affiliated company, Allstate Indemnity. Both requests were submitted to Insurance Commissioner Kevin McCarty, who oversees the Office of Insurance Regulation and regulates insurance rates.
 
Based on the conclusions of the report, CFO Gallagher determined that these Florida-only companies are attempting to justify their rates based on losses from other states. Además, Allstate Floridian no documentó adecuadamente cómo 95,000 residentes de la Florida que no renovaron - una reducción sustancial en exposición - impactan su solicitud de tasa.   Finalmente, el informe reveló que las compañías están pidiendo un incremento para reasegurarse que está fuera de proporción con respecto a las solicitudes previas de tarifas.
 
Gallagher said that Consumer Advocate Steve Burgess plans to present the findings of the independent review during the first public hearing to be held today in Orlando, from 1 to 6 p.m., at Dr. Phillips High School.
 
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Como funcionario electo del Gabinete de la Florida a nivel de estado, el Oficial Principal de Finanzas Tom Gallagher supervisa el Departamento de Servicios Financieros, una agencia estatal de múltiples divisiones, responsable de administrar fondos del estado y propiedades no reclamadas, ayudar a los consumidores que solicitan información y asistencia sobre servicios financieros, e investigar fraudes financieros. Gallagher también funge como Jefe de Bomberos del Estado.