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Allstate to Implement 30 Percent Increase in Oklahoma Insurance Premiums.
Byline: Melissa Davis
Nov. 30--Allstate Corp. customers will pay 30 percent more next year for homeowner's insurance in Oklahoma.
Painting a bleak picture of underwriting losses -- and hinting at an unwanted exit from the state -- Allstate on Thursday secured approval from regulators for the largest hike in state homeowner premiums since at least the 1980s. Allstate had asked for a 48 percent increase, but was happy to get a rare one-year hike that exceeded the state cap of 25 percent.
"We expect to lose policyholders," admitted Bonnie Wittman, the company's state filing director.
"But our other option is to stop doing business here, and we want to be a player in this …
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