As the property/casualty industry continues to get hammered by financial losses stemming from rising claims costs and deteriorating margins, Allstate Corp. is realizing that the best growth opportunity lies in the financial services arm, whose main products are life insurance and investment products."The financial industry is growing faster as an industry, so there's more of an opportunity to grow that slice of the business," says Edward M. Liddy, chairman and chief executive officer of the Northbrook, Ill.-based company.
"But there's also an opportunity in property and casualty, because 1,395 companies with a property and casualty business have 55% of the market share and over time we believe we can grow faster than the industry."
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