Allstate Celebrates Historic 70th Anniversary
NORTHBROOK, Ill, May 16 Seventy years ago, May 17, 1931,
Allstate Insurance Company sold its first auto insurance policy. The $41.60
mail-order policy provided fire, theft, property damage, liability and
collision coverage for a 1930 Studebaker sedan. Today that car is on permanent
display at Allstate's corporate headquarters in Northbrook, Ill.
The world -- as well as the auto insurance industry - has changed
dramatically in 70 years. These facts and figures illustrate how things have
changed in the United States since Allstate wrote its first auto policy:
1931 Today
U.S. population 123 million 285 million
Average annual income $1,527 $30,069
Median price of new
single-family home $6,796 $139,000 (2000)
Average price of new
domestic car $530 $21,012
Average gas price $0.20/gal (1930) $1.56/gal (2000)
Allstate employees & agents 20 54,000
Registered cars 23 million 132 million
Allstate insurance policies 4,217 14 million households
Motor vehicle fatalities 33,700 41,300
Average auto liability
protection cost $50 (1930) $746 (1999)
Ways to purchase 1 (mail order) 3 (Agents, call
Allstate auto insurance centers and Internet)
"Today Allstate celebrates 70 years of innovation and achievement," said
Ed Liddy, chairman, president and CEO of Allstate Insurance Company.
"Our commitment to providing customers with peace of mind is as strong as
it was in 1931. Back then, Allstate filled a need for a society with already
more than 23 million registered cars," Liddy added. "Through the years, we
have continued to be a pioneer in the industry, with revolutionary ideas that
quickly became commonplace, such as tailored auto rates and drive-in claims
service."
"Today Allstate customers turn to us for help protecting their homes,
lives and financial security, as well as their cars," Liddy said.