Allstate Corp. received 191 homeowners insurance rate-hike approvals across 43 states in 2020, which could lead to an estimated premium increase of $222.3 million, according to an analysis by S&P Global Market Intelligence.
State Farm Mutual Automobile Insurance Co., meanwhile, could see homeowners premiums fall in 17 states from reductions approved in 2020. When combined, the approved rate cuts for the group could lower its calculated premiums by $59.5 million.
Allstate's increases in Illinois could be the most significant in the Midwest for 2020, as the insurer may see calculated written premiums rise by $40.1 million. The insurer also secured approval to reduce rates in Missouri, a change that could lower the company's premiums by almost $84,000.
Also, Liberty Mutual Holding Co. Inc. could see premiums increase in all Midwest states aside from Kansas.
Texas regulators approved two rate-increase requests made by statutory subsidiaries of Farmers Insurance Group of Cos. Overall, those hikes could increase the group's calculated written premiums by $84 million; the rate increase requested by Texas Farmers Insurance Co. stands to have the biggest impact as it could boost the group's premiums by $79.8 million.
Regulators also signed off on 13 rate-increase requests made by Allstate in Texas, which could boost the company's premiums by $31.6 million.
Rate cuts approved by Louisiana regulators for State Farm subsidiary State Farm Fire & Casualty Co. may be the most significant decreases in the South as they could lower the group's premiums by $16.3 million.
Three rate-hike requests approved by California regulators for State Farm may be the most-impactful increase across the West as they stand to boost the group's premiums by $181.2 million.
Farmers, which received approval for eight rate increases in the Golden State, could see its premiums rise by $103.6 million.
State Farm was the only insurer in this analysis that could see premiums fall in the West, as they stand to contract by $672,000. Rate cuts requested by State Farm were approved in Alaska, Colorado and Utah.
Allstate could see the most-impactful rate hike in the Northeast. Regulators in New York approved an effective increase of 4.3% for the insurer, which could raise premiums by $17.6 million.
The charts and information contained in this analysis are limited to homeowners rates approved in 2020 for the subsidiaries of the five largest homeowners insurance groups. The graphic contains calculated rate impact by percentage in every U.S. state and the District of Columbia, with the exception of Florida because it has its own rate-filing process.