Rate reductions by State Farm Mutual Automobile Insurance Co. and Progressive Corp. subsidiaries dominated the list of most-notable private auto rate decreases approved in June, according to an S&P Global Market Intelligence analysis.
For State Farm, state regulators signed off six rate-cut requests that are expected to lower the group's premiums by a total of $158.2 million, the biggest calculated premium reduction for any insurer during the month. Progressive is poised to experience the second-biggest premium decrease at $140.0 million from 21 rate decreases across eight states.
On the other side of the spectrum, Nationwide Mutual Group could see the most premium increase during the month. The group received 14 rate-hike approvals that could potentially lead to an increase of $11.8 million in personal auto premiums.
This analysis includes 388 private-passenger auto rate changes, of which 93 resulted in premium increases, 101 resulted in premium decreases and the rest led to no change.