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83-571: The Allstate Corporation is an American insurance company, headquartered in Glenview, Illinois (with a Northbrook, Illinois address) since 2022. Founded in 1931 as part of Sears, Roebuck and Co. , it was spun off in 1993, but was still partially owned by Sears until it became an independent company completely in June 1995. The company also has personal line insurance operations in Canada . Allstate
166-456: A 2015 ad features Mayhem playing a portable grill hastily loaded into a car before being fully extinguished, which leads to an explosion when the still-burning embers ignite an enormous bottle of lighter fluid. Once the disaster's result is revealed, Mayhem warns that certain "cut-rate" policies lack coverage for the situation he has caused, advising the viewers to get their insurance policies through Allstate. Each commercial ends with Mayhem telling
249-458: A claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured: From an insured's standpoint, the result is usually the same: the insurer pays the loss and claims expenses. If the Insured has a "reimbursement" policy, the insured can be required to pay for a loss and then be "reimbursed" by the insurance carrier for
332-448: A claim. Adjusting liability-insurance claims is particularly difficult because they involve a third party, the plaintiff , who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket . The adjuster must obtain legal counsel for the insured—either inside ("house") counsel or outside ("panel") counsel, monitor litigation that may take years to complete, and appear in person or over
415-533: A claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment ). The insurer may hedge its own risk by taking out reinsurance , whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Indian traders as long ago as
498-601: A combined ratio over 100% may nevertheless remain profitable due to investment earnings. Insurance companies earn investment profits on "float". Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. The Association of British Insurers (grouping together 400 insurance companies and 94% of UK insurance services) has almost 20% of
581-455: A company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include: To "indemnify" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather "contingent" insurance (i.e.,
664-416: A creepy roadside motel overnight because one's car ran out of fuel, being forced to change a tire in a heavy downpour, being forced to stay at an awkward family gathering because one's car battery died, and potentially becoming a victim of crime due to a breakdown in the wrong neighborhood. A series of ads in early 2018 featured Mayhem with a New Year's resolution to help keep people and property safe. He took
747-413: A minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be " indemnified " against the loss covered in
830-453: A more active role in loss mitigation, such as through building codes . According to the study books of The Chartered Insurance Institute, there are variant methods of insurance as follows: Insurers may use the subscription business model , collecting premium payments periodically in return for on-going and/or compounding benefits offered to policyholders. Insurers' business model aims to collect more in premium and investment income than
913-531: A multi-episode TV drama web series starring actors Teresa Cesario, Kyle Sandgate-Blix, Jackson Schultz, Bridgette Pechman, Chase Maser, and Corey Doyle cast as High-School seniors. The series, filmed in the style of a television drama, depicts the cast in common situations facing teens with respect to driving ( Texting while driving in particular). The series appears aimed at promoting interest and support in favor of responsible teen driving and road safety in general. Allstate and other large corporations are attracted to
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#1732773242461996-631: A premium paid independently of loans began in Belgium about 1300 AD. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347. In the next century, maritime insurance developed widely, and premiums were varied with risks. These new insurance contracts allowed insurance to be separated from investment,
1079-697: A relatively few claimants – and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer's profit . Policies typically include a number of exclusions, for example: Insurers may prohibit certain activities which are considered dangerous and therefore excluded from coverage. One system for classifying activities according to whether they are authorised by insurers refers to "green light" approved activities and events, "yellow light" activities and events which require insurer consultation and/or waivers of liability, and "red light" activities and events which are prohibited and outside
1162-461: A reported $ 1.4 billion from a group of shareholders. In July 2020, Allstate announced it was acquiring National General for $ 4 billion. The deal closed in January 2021. In 2021 Allstate completed sale of its life insurance and annuity businesses. One of the divested businesses was Allstate Life Insurance Company of New York, which became part of Wilton Reassurance Life Company of New York. Another
1245-556: A separation of roles that first proved useful in marine insurance . The earliest known policy of life insurance was made in the Royal Exchange, London , on 18 June 1583, for £383, 6s. 8d. for twelve months on the life of William Gibbons. Insurance became far more sophisticated in Enlightenment-era Europe , where specialized varieties developed. Property insurance as we know it today can be traced to
1328-469: A ship or cargo, to be repaid with large interest if the voyage prospers. However, the money would not be repaid at all if the ship were lost, thus making the rate of interest high enough to pay for not only for the use of the capital but also for the risk of losing it (fully described by Demosthenes ). Loans of this character have ever since been common in maritime lands under the name of bottomry and respondentia bonds. The direct insurance of sea-risks for
1411-416: A similar phrase he used to reassure his wife about a doctor caring for their child. It has been the slogan ever since 1950. Allstate also refer to themselves as the "Good Hands People". In the 1960s and 1970s, TV, print and radio advertising featured Allstate's spokesman, Ed Reimers . Reimers was often shown making the cupped-hand gesture. For 22 years, he remained the spokesman. This 1975 commercial that
1494-399: A staff of records management and data entry clerks . Incoming claims are classified based on severity and are assigned to adjusters, whose settlement authority varies with their knowledge and experience. An adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract (and if so,
1577-621: A subsidiary of Berkshire Hathaway , under which all of CNA's legacy asbestos and environmental liabilities are transferred to NICO. (Source: Insurance Journal) In 2011, CNA introduced the Customer Segment strategy, focusing on key customer segments — construction, financial institutions, healthcare, manufacturing, professional services, real estate (2014), technology and small business — and specialized monoline insurance products. CNA expands its digital presence in 2013 and its international footprint beginning in 2014. In 2012, CNA entered
1660-506: A subsidiary of Allstate. In 2002, CNA exited the life, group and reinsurance business. On January 1, 2004, CNA sold its Group Benefits division to The Hartford , based in Hartford, Connecticut . The Hartford merged its new purchase with its own Group Benefits Division. With the sale of this division came the end of CNA's long history as a multi-line insurer. In 2010, the company enters into an agreement with National Indemnity Co. (NICO),
1743-649: A tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state . In Britain more extensive legislation was introduced by the Liberal government in the National Insurance Act 1911 . This gave the British working classes
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#17327732424611826-572: A univariate analysis could produce confounded results. Other statistical methods may be used in assessing the probability of future losses. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit on that policy. Underwriting performance is measured by something called the "combined ratio", which is the ratio of expenses/losses to premiums. A combined ratio of less than 100% indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with
1909-486: Is a large corporation , and with 2018 revenues of $ 39.8 billion, it ranked 79th in the 2019 Fortune 500 list of the largest United States corporations by total revenue. Its long-running advertising campaign, in use since 1950, asks, "Are you in good hands?", and the recognizable logo portrays a pair of human hands. In 1925, Sears held a national contest to decide the name of a new brand of car tires. After 2,253,746 name submissions from 937,886 participants, "Allstate"
1992-403: Is known as an insurer , insurance company , insurance carrier , or underwriter . A person or entity who buys insurance is known as a policyholder , while a person or entity covered under the policy is called an insured . The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for
2075-409: Is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Insurers make money in two ways: The most complicated aspect of insuring is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates,
2158-426: Is the materialized utility of insurance; it is the actual "product" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents . The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD . Insurance-company claims departments employ a large number of claims adjusters, supported by
2241-411: The 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel capsizing. Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that a sea captain , ship-manager , or ship charterer that saved a ship from total loss was only required to pay one-half the value of
2324-559: The Allstate Arena in Rosemont, Illinois , near the company's headquarters. Insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management , primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance
2407-680: The Great Fire of London , which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren 's inclusion of a site for "the Insurance Office" in his new plan for London in 1667." A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established
2490-573: The London market by buying "Hardys Underwriting" and re-branding it to CNA Hardy From 1972 until 2018, CNA's headquarters was located at the CNA Center . In 2015, CNA made plans to move out of the CNA Center with plans to construct 151 North Franklin as its new headquarters. CNA relocated to 151 North Franklin in June 2018. In February 2020, CNA announced the appointment of Al Miralles as
2573-728: The Phoenicians during the proposed Dorian invasion and emergence of the purported Sea Peoples during the Greek Dark Ages (c. 1100–c. 750). The law of general average is the fundamental principle that underlies all insurance. In 1816, an archeological excavation in Minya, Egypt produced a Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , Aegyptus . The tablet prescribed
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2656-515: The Sears, Roebuck and Company Complex . The midrise building is vacant (as of 2013) and in danger of demolition. The building is noted for its early postwar midrise construction. This location was vacated when the company relocated in the postwar years. The company's "You're in Good Hands with Allstate" slogan was created in 1950 by Allstate's general sales manager Davis W. Ellis. At the end of
2739-760: The 1960s, CNA introduced long-term care to the industry. CNA has insured many historical events. Over the years, CNA covered the Indianapolis 500 , the World Boxing Association , the Peking Opera , the Blue Angels , and various actors and movie projects. In the 1960s, CNA covered the Beatles concert in the event of inclement weather at Shea Stadium . In the 1970s, CNA covered U.S. astronauts in their Apollo 16 and Apollo 17 voyages to
2822-576: The Institute of Actuaries . His article detailed an historical account of a Severan dynasty -era life table compiled by the Roman jurist Ulpian in approximately 220 AD that was also included in the Digesta . Concepts of insurance has been also found in 3rd century BC Hindu scriptures such as Dharmasastra , Arthashastra and Manusmriti . The ancient Greeks had marine loans. Money was advanced on
2905-504: The campaign was launched in April 2010. The character wears a black suit, white dress shirt, and black necktie and his face is usually bruised, scarred, or wearing a butterfly bandage. The formula for almost every Mayhem commercial has been the same. To begin the commercial, Mayhem identifies the risk he is portraying. He gives context into the situation and hints at an impending disaster that he will cause, which then takes place. For instance,
2988-668: The campaign. There is a Hispanic version named La Mala Suerte (meaning Bad Luck) for the Spanish-speaking market portrayed by Alberto Mateo. Advertising Age reported in February 2011 that Mayhem rose to third as most-recognized insurance advertising character, behind the GEICO gecko and Flo from Progressive Insurance . An online survey showed that the GEICO gecko and Flo were each tied to their respective companies over 90% of
3071-472: The company sought to develop a campaign that would skew toward younger customers. Nina Abnee, executive vice president at Burnett, said "We wanted to kick Flo's ass." The campaign was first launched in mid-June 2010. The character was featured in TV and radio spots as well as on billboards and Internet banners. Some ads were adjusted to capture local details. By mid-2011, Allstate had won around 80 industry awards for
3154-482: The company's home office was moved from Skokie to Northbrook, Illinois . Allstate continued to sell additional types of insurance to customers throughout the decade, including worker's-compensation insurance in 1964, surety bonds in 1966, inland-marine coverage in 1967, and a business package policy in 1969. The brand itself expanded in the 1950s and 1960s and could be found on a variety of products such as fire extinguishers and motor scooters. In 1952, an Allstate car
3237-418: The conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium . If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by
3320-445: The decade, it was used in the company's first network-television advertising campaign, which featured actor Ed Reimers . Allstate added products throughout the 1950s, including fire insurance in 1954 and homeowners and life insurance in 1957. Allstate began selling insurance to Canadians in 1953. Allstate Insurance Company of Canada was incorporated in 1964. (In 1952 and 1953, Sears also sold an automobile called Allstate .) In 1967,
3403-446: The demand for marine insurance . In the late 1680s, Edward Lloyd opened a coffee house , which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, including those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. Life insurance policies were taken out in
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3486-791: The early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office , founded in London in 1706 by William Talbot and Sir Thomas Allen . Upon the same principle, Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based." In
3569-528: The egg rolls on the table, then it fell down and it almost cracked all the way down to the floor, but it was finally saved by the hand before placing it in the nest gently. A study in 2000 by Northwestern University's Medill Graduate Department of Integrated Marketing Communications found that the Allstate slogan "You're in good hands" ranked as the most recognizable in America. Allstate's original hands logo
3652-695: The event of general average. In 1873 the "Association for the Reform and Codification of the Law of Nations", the forerunner of the International Law Association (ILA), was founded in Brussels. It published the first YAR in 1890, before switching to the present title of the "International Law Association" in 1895. By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on
3735-458: The executive vice-president and chief financial officer. He succeeds James Anderson, who announced his resignation. In March 2021, CNA was the target of a ransomware cyberattack. CNA paid more than $ 40 million in late March to regain control of its network after the ransomware attack. The Chicago-based company paid the hackers about two weeks after a trove of company data was stolen, and CNA officials were locked out of their network. In 2022, it
3818-706: The first contributory system of insurance against illness and unemployment. This system was greatly expanded after the Second World War under the influence of the Beveridge Report , to form the first modern welfare state . In 2008, the International Network of Insurance Associations (INIA), then an informal network, became active and it has been succeeded by the Global Federation of Insurance Associations (GFIA), which
3901-472: The first fire insurance company, the "Insurance Office for Houses", at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London's growth as a centre for trade was increasing due to
3984-419: The float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance-premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle . Claims and loss handling
4067-447: The insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the "insured" party once risk is assumed by an "insurer", the insuring party, by means of a contract , called an insurance policy . Generally, an insurance contract includes, at
4150-774: The insurance company. Insurance scholars have typically used moral hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures—particularly to prevent disaster losses such as hurricanes—because of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take
4233-409: The insurer will use discretion to reject or accept risks through the underwriting process. At the most basic level, initial rate-making involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils. Thereafter an insurance company will collect historical loss-data, bring the loss data to present value , and compare these prior losses to
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#17327732424614316-404: The insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract , called the insurance policy , which details
4399-542: The investments in the London Stock Exchange . In 2007, U.S. industry profits from float totaled $ 58 billion. In a 2009 letter to investors, Warren Buffett wrote, "we were paid $ 2.8 billion to hold our float in 2008". In the United States , the underwriting loss of property and casualty insurance companies was $ 142.3 billion in the five years ending 2003. But overall profit for the same period
4482-620: The late 19th century "accident insurance" began to become available. The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. The first international insurance rule was the York Antwerp Rules (YAR) for the distribution of costs between ship and cargo in
4565-443: The loss and out of pocket costs including, with the permission of the insurer, claim expenses. Under a "pay on behalf" policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language, which enables the insurance carrier to manage and control the claim. Under an "indemnification" policy,
4648-612: The losses that only some insureds may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk , the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses. Risk which can be insured by private companies typically share seven common characteristics: When
4731-431: The moon with a commercial special risks package. In 1974, Loews Corporation purchased 56% of CNA stock. In 1995, CNA completed a $ 1.1 billion merger with The Continental Corporation. The merger was the first significant merger of two property and casualty companies in more than 25 years. In 1999, CNA sold its personal insurance division to Allstate . That personal insurance company is now Encompass Insurance Company ,
4814-403: The original companies were merged to form the acronym CNA. It was then referred to as the C ontinental N ational A merican Group, now it simply goes by CNA. In 1915, CCC offered the first workers' compensation insurance. In the 1920s, CCC was the first to create a co-insurance clause on homeowners' policies. In the 1950s, CCC offered the industry's first comprehensive group dental insurance. In
4897-414: The policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for
4980-406: The premium collected in order to assess rate adequacy. Loss ratios and expense loads are also used. Rating for different risk characteristics involves—at the most basic level—comparing the losses with "loss relativities"—a policy with twice as many losses would, therefore, be charged twice as much. More complex multivariate analyses are sometimes used when multiple characteristics are involved and
5063-451: The proposal was sent to the Sears board of directors, which approved it. Allstate Insurance Company, named after Sears' tire line, went into business on April 17, 1931, offering auto insurance by direct mail and through the Sears catalog. This was in line with one of the objectives of a company to sell automobile insurance in the same manner as Sears sold its merchandise. Lessing J. Rosenwald
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#17327732424615146-1204: The rapid growth of social media for use in their advertising campaigns. Allstate Corporation owns and operates over 19 companies around the United States, United Kingdom, Canada and India. Based in San Francisco, California : Based in Northbrook, Illinois : Based in Bridgewater, New Jersey : Based in St. Petersburg, Florida : Based in Irving, Texas : Based in Jacksonville, Florida : Based in Northern Ireland, United Kingdom : Based in Markham, Ontario : Based in Bangalore, India : Based in Pune, India : Allstate holds naming rights to
5229-404: The reasonable monetary value of the claim), and authorizes payment. Policyholders may hire their own public adjusters to negotiate settlements with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance-policy add-on, called loss-recovery insurance, which covers the cost of a public adjuster in the case of
5312-448: The remaining 80% stake in the company, distributing 350.5 million shares of Allstate stock to its stockholders. At the time, it was the largest IPO to date. In 1999, Allstate purchased the personal-lines division of CNA Financial and subsequently renamed it to Encompass Insurance Company . In 2003, actor Dennis Haysbert became Allstate's spokesman, using the tagline "That’s Allstate’s stand." In May 2011, Allstate announced that it
5395-639: The role of various pieces of safety equipment, such as a lightning rod mounted on a house's roof to protect it during storms or a flare placed to warn drivers of a roadside vehicle breakdown. However, less than a month into the new year, he broke his resolution and returned to his old habit of causing chaos and damage. Allstate developed the campaign "Mayhem" and the character (Mayhem) in response to being ranked fourth in advertising spending behind GEICO , State Farm , and Progressive . Allstate had an existing campaign called "Our Stand" featuring Dennis Haysbert that targeted "older, more traditional customers", and
5478-668: The rules and membership dues of a burial society collegium established in Lanuvium , Italia in approximately 133 AD during the reign of Hadrian (117–138) of the Roman Empire . In 1851 AD, future U.S. Supreme Court Associate Justice Joseph P. Bradley (1870–1892 AD), once employed as an actuary for the Mutual Benefit Life Insurance Company , submitted an article to the Journal of
5561-456: The scope of insurance cover. Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud; on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. Insurance can influence the probability of losses through moral hazard , insurance fraud , and preventive steps by
5644-542: The ship to the ship-owner . In the Digesta seu Pandectae (533), the second volume of the codification of laws ordered by Justinian I (527–565), a legal opinion written by the Roman jurist Paulus in 235 AD was included about the Lex Rhodia ("Rhodian law"). It articulates the general average principle of marine insurance established on the island of Rhodes in approximately 1000 to 800 BC, plausibly by
5727-546: The state of New York passing a law that established the financial responsibility of drivers for damage or injuries resulting from auto mishaps. That law inspired legislation in other states, and by the mid-1950s, nearly every state had some sort of financial responsibility law on its books. In 1949, the Allstate Headquarters Building was completed at 3246 W. Arthington Street in Chicago as a part of
5810-417: The telephone with settlement authority at a mandatory settlement-conference when requested by a judge. CNA Financial CNA Financial Corporation is a financial corporation based in Chicago , Illinois , United States. Its principal subsidiary, Continental Casualty Company (CCC), was founded in 1897, and The Continental Insurance Company (CIC) was organized in 1853. CNA, the current parent company,
5893-478: The time. For Mayhem, the Age said, "After the top two, the most-recognized ad description was Allstate, with 65% of consumers saying they knew the ad. When those same consumers were asked to associate it with a brand, 63% correctly matched Mayhem with Allstate. Overall, among the total sample, Mayhem clocked in with only 41% of respondents being able to link him to Allstate. In January 2011, Allstate released The Lines ,
5976-407: The viewers that by having Allstate, they will be "better protected from mayhem...like me." Damage to his clothing and injuries to his person carry over from one commercial to the next. In some ads, Mayhem also has advised against going without roadside assistance. In separate advertisements, he described what could happen in the face of a catastrophe while driving; these consisted of having to stay in
6059-452: Was $ 68.4 billion, as the result of float. Some insurance-industry insiders, most notably Hank Greenberg , do not believe that it is possible to sustain a profit from float forever without an underwriting profit as well, but this opinion is not universally held. Reliance on float for profit has led some industry experts to call insurance companies "investment companies that raise the money for their investments by selling insurance". Naturally,
6142-509: Was Allstate's first board chairman, and Odell was named vice president and secretary. In 1933, at the Century of Progress World's Fair in Chicago, Allstate's Richard E. Roskam sold insurance at a booth in the Sears pavilion. In 1934, Allstate opened its first permanent sales office in a Chicago Sears store. In 1941, only about a quarter of US drivers had auto liability insurance. This led to
6225-469: Was chosen. Hans Simonson of Bismarck, North Dakota , received a $ 5,000 cash prize for his winning entry among a list of 31 he submitted. The trademark was officially registered on April 19, 1927, and the tires' new name made its debut in the spring 1927 Sears catalog. The idea for Allstate Insurance Company came when insurance broker Carl L. Odell proposed to Wood, his neighbor, the idea of selling auto insurance by direct mail. The idea appealed to Wood, and
6308-418: Was designed by Theodore Conterio in the 1950s. The employees were told whoever could come up with the best logo would win $ 50. Theodore Conterio came up with the design based on the slogan, "You're in good hands," and won the $ 50 prize. Beginning in 2003, as policy growth slowed, Allstate's television commercials used spokesman Dennis Haysbert . The ads were intended to carry the message that Allstate's service
6391-492: Was formally founded in 2012 to aim to increase insurance industry effectiveness in providing input to international regulatory bodies and to contribute more effectively to the international dialogue on issues of common interest. It consists of its 40 member associations and 1 observer association in 67 countries, which companies account for around 89% of total insurance premiums worldwide. Insurance involves pooling funds from many insured entities (known as exposures) to pay for
6474-721: Was founded in Detroit in 1897. The purpose of the company was to provide accident and health insurance to railroad industry employees. This company then merged with the Metropolitan Accident Company, changed its name to the Continental Casualty Company, and moved to Chicago. It acquired National Fire Insurance Company of Hartford in 1956, and the American Casualty Company in 1963. The first letters of each of
6557-551: Was incorporated in 1967. CNA is the seventh largest commercial insurer in the United States as of 2018. CNA provides property and casualty insurance products and services for businesses and professionals in the U.S., Canada, Europe and Asia. CNA itself is 90% owned by a holding company , Loews Corporation . This holding company also has interests in offshore oil and gas drilling rigs, natural gas transmission pipelines, oil and gas exploration, hotel operations and package manufacturing. Continental Assurance Company of North America
6640-527: Was produced, but it was a flop; it was pulled from stores by 1953. The automobile was based on the Henry J car manufactured by Kaiser Motors . The Allstate brand was eventually limited to insurance, tires, and car batteries by the late 1960s, before becoming insurance only in the mid-1970s. In 1991, the company went public. In June 1993, 19.8% of Allstate became public through a stock offering. Allstate became completely independent in June 1995, when Sears spun off
6723-523: Was purchasing Esurance and rate-comparison site Answer Financial for about $ 1 billion. In 2012, Allstate Solutions Private Limited (also called Allstate India) was inaugurated in Bangalore; it is a technology and operations center to provide software development and business process outsourcing services to its US parent. In January 2017, Allstate acquired SquareTrade , a consumer electronics and appliance protection plan provider. The acquisition cost
6806-402: Was superior to that from low-cost providers GEICO and Progressive. Haysbert appeared in more than 250 commercials between 2003 and 2016. Mayhem was created by Leo Burnett Worldwide . Burnett pitched the character to Allstate as "Mr. Mayhem", comparing him to the character Mr. White from the 1992 film Reservoir Dogs played by Harvey Keitel . Mayhem has been played by Dean Winters since
6889-455: Was the similarly named Allstate Life Insurance Company, purchased by Everlake Holdings and renamed Everlake Life Insurance Company. A third divested business was Allstate Assurance Co, also purchased by Everlake Holdings. The people in this section are members of corporate leadership. Since its IPO in 1993: Allstate's slogan "You're in good hands" was created in the 1950s by Allstate Insurance Company's sales executive, Davis W. Ellis, based on
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