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Allstate vows to overtake State Farm as top insurer, setting stage for price war Crain's Chicago Business

29.05.10

Allstate Corp. aims to topple State Farm Insurance Cos. as the country's leading insurer of homes and autos within a decade.

Northbrook-based Allstate's ambitious new goal to double its premiums in 10 years — outlined in a company memo obtained by Crain's — sets up a clash of the insurance industry's giants, both based in Illinois.

The battle to dominate the $235-billion consumer market could trigger price-cutting that would mean lower insurance rates for drivers and homeowners. But insurers' profits could suffer, as they did during an industrywide price war a decade ago.

The goal marks a dramatic new focus on marketshare growth at Allstate. CEO Thomas Wilson has emphasized Allstate's industry-leading profitability since taking charge of the company in 2007. But Allstate's stock price has languished as its core insurance businesses stalled in the face of competition from Geico and Progressive Corp., which sell policies mostly online, the fastest-growing sales

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