Auto Club Exchange Group unit Interinsurance Exchange of the Automobile Club received approval for a rate increase in California that may have been the most impactful hike nationwide in 2018 for a company outside of the four largest private auto insurers.
The Missouri-based insurer, which was the fifth-largest private auto insurer in California in 2017 with an 8.5% share of the market, got its request for a 5.9% rate increase approved in January 2018. The filing may result in an estimated written premium increase of $120.5 million and could impact about 1.3 million policyholders.
Farmers Insurance Group of Cos. also increased rates in California, doing so twice in 2018. The cumulative written premium impact of those increases of 6.9%, which were approved in January and October 2018, is estimated to be $76.5 million. Farmers was California's second-largest writer of private auto insurance in 2017, controlling 11.6% of the market.
Kentucky Farm Bureau Mutual Insurance Co. Inc. lowered private auto rates in its home state of Kentucky by 3.9%, which may have been the most notable rate decrease approved in 2018 for a non-Big-Four private auto insurer. The rate decrease may lower premiums written by $23.8 million.
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