Allstate investors probably wish they'd bought some insurance of their own.
Shares of the insurance company fell 10 percent Tuesday after it missed earnings and revenue expectations in a report after Monday's bell that showed a 41 percent drop in second-quarter operating income versus the year-ago period.
The apparent culprit was an increase in the number and severity of car accidents, which CEO Thomas Wilson called "broad-based" and therefore clearly "driven by external factors" in the company's earnings release.
Allstate President Matthew Winter went into more detail on the earnings call, telling analysts that "miles driven and Allstate's auto claim frequency have historically been very tightly correlated with one another. ... While miles driven isn't the sole driver of our increased loss trends, it does explain a significant amount of the result. And as miles driven have continued to increase rapidly over the prior year, as the year has progressed."
Interestingly, then, bad news for Allstate looks suspiciously like good news for America.
"Typically accidents do go up when people are driving more. And that often happens when people are going on their summer vacations and spending more time in their cars, so it actually could be a positive sign for the economy," Nomura analyst Clifford Gallant said in a Tuesday "Trading Nation" interview.