Allstate to exit Auto Insurance Market in CA

California drivers argue that Allstate must lower its
California auto insurance rates by almost 19% under
new insurance regulations rules that limit excessive
profits in a Department of Insurance hearing that began
today in San Francisco, CA.

Allstate, the nation's second largest auto insurance
company, seeks five exemptions to the rules that determine
auto insurance rates, despite the company's above-average
profitability.

The Foundation for Taxpayer and Consumer Rights has determined
that Allstate is overcharging drivers over $300 million per year.

Allstate's net income for 2006 alone was approximately
$5 billion and total shareholder return was 590% between
1994 and 2006.