Liberty Mutual, Nationwide boost homeowners rates in March

• This analysis by S&P Global Market Intelligence is limited to publicly available rate filings submitted to state insurance regulators.
• Rate filing information is sourced from the System for Electronic Rate and Form Filing documents.
• The states employ a variety of rate regulation mechanisms such as prior approval, modified prior approval, file and use, and use and file. The form filing laws govern the type of policy form regulation used by the state and may not require explicit approval by state regulators prior to using the new rate.
• The analysis is based on when the rate filing is "disposed" by the state regulator and does not take into account when the new rate became effective for new and renewal business. In some instances, the new rate has been in effect prior to the particular month the filing has been "disposed" by the regulator.

Liberty Mutual Holding Co. Inc. could see the largest cumulative increase in premiums from homeowners insurance rate hikes approved in March, according to an analysis by S&P Global Market Intelligence.

Liberty Mutual subsidiaries received 34 rate-hike approvals across 14 states during the month. When combined, those rate increases stand to boost the group's written premiums by $71.4 million. More than a quarter of the total appears to stem from a 9% rate hike approved in Texas for Meridian Security Insurance Co. The new rates would affect a little more than 100,000 policyholders in the Lone Star State.

Nationwide sees second-largest premium increase

Nationwide Mutual Group is expected to garner the second-largest aggregate premium increase from March rate increases thanks to 28 hikes in the month. Those increases are expected to boost Nationwide's homeowners premiums by $39.8 million. Nearly 60% of the calculated premium increase appears to come from Georgia and Nebraska.

Farm Bureau tops rate cut chart

Farm Bureau Property & Casualty Insurance Co. will see the largest cumulative negative premium impact from rate reductions in March. The insurer was approved for two rate cuts, which are expected to lower its premiums by nearly $940,000.

This analysis covers 421 homeowners insurance rate filings approved in March, of which 264 are expected to result in premium increases, and 22 could lead to premium declines. The rest are expected to have no impact on calculated premiums.