Commercial auto insurance premiums could rise by nearly $59 million in Georgia from rate-hike requests cleared by regulators during the month of February, according to an S&P Global Market Intelligence analysis.
Georgia signed off on 62 rate increases in the month, which stands to boost aggregate written premiums industrywide by $58.7 million. That figure accounts for 42.6% of the total calculated premium increase stemming from rate hikes approved across the entire U.S. in February.
Progressive, Auto-Owners log largest premium increases
Subsidiaries of The Progressive Corp. and Auto-Owners Insurance Group received approvals to raise rates in Georgia that could result in potential premium increases of $18 million and $13.4 million, respectively.
Progressive is the largest commercial auto underwriter in Georgia, controlling 20% of the market in 2021, based on statutory data. Auto-Owners is the second-largest commercial auto insurer in the state, accounting for 5.3% of the market.
Elsewhere in the U.S., Texas regulators also approved some significant rate increases in February. Premiums in the Lone Star State could rise by $33.2 million thanks to 24 rate-hike requests disposed during the month.
Old Republic cuts rates again
Old Republic International Corp. continues to top the list of notable commercial auto rate decreases in 2022. Old Republic Insurance Co. in February was approved to cut rates by 14.3% in Georgia, which could lower commercial auto premiums by $1.5 million for the group.
This analysis covers 768 commercial auto rate filings approved in February, of which 375 are expected to result in premium increases, 58 could lead to premium decreases and the rest are expected to have no impact on calculated premiums.