latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/progressive-allstate-hike-private-auto-rates-in-november-2021-68318129 content esgSubNav
In This List

Progressive, Allstate hike private auto rates in November 2021

Blog

Managed Services Insights: The client lifecycle management solution

Blog

Technology & Automation Insights: Elevating KYC and onboarding efficiency

Blog

Banking Essentials Newsletter: May 15th Edition

Blog

Data Insights: Enhancing regulatory compliance and client lifecycle management.


Progressive, Allstate hike private auto rates in November 2021

SNL Image

The Progressive Corp. had the highest number of private-passenger auto rate-hike requests approved in November 2021, according to an S&P Global Market Intelligence analysis.

Overall, Progressive subsidiaries received approval for 38 rate increases across 10 states during the month. When combined, the new rates could result in an estimated premium increase of $161.1 million, the most for any single group during the period.

The Allstate Corp. and GEICO Corp. also obtained some noteworthy rate increase approvals in the month that could increase their aggregate premiums by $138.6 million and $133.2 million, respectively. Both groups featured three times each in the list of top 10 most-significant rate increases for the month.

Regulators across 13 states approved 20 rate-increase requests by Allstate subsidiaries in November 2021. Three rate hikes approved in New York late in the month account for nearly 24% of the total projected premium increase.

GEICO subsidiaries had 12 rate hikes across six states approved in the period. Two rate increases in South Carolina could increase the group's aggregate premiums by $56.8 million.

SNL Image