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Liberty Mutual hikes private auto rates; GEICO cuts in July

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Liberty Mutual hikes private auto rates; GEICO cuts in July

A 6.9% rate increase requested by a Liberty Mutual unit in California may have been the most noteworthy rate change in the U.S. private-passenger auto business during the month of July, according to an analysis of S&P Global Market Intelligence.

California regulators approved two rate-hike requests for Liberty Mutual in July. The increase requested by Safeco Insurance Co. of America may grow the insurer's personal auto premiums by $33.8 million. That rate hike will affect nearly 194,000 policyholders.

The other Liberty Mutual unit to increase rates in the Golden State was First National Insurance Co. of America, though that hike stands to bolster the insurer's premiums by only about $81,000. The new rates went into effect on Aug. 29, both on new and renewal bases.

Five subsidiaries of American Family Insurance Group received nine rate-increase approvals during the month. They could potentially boost group's written premium by $33.0 million.

Rate-decrease requests by two GEICO Corp. subsidiaries in Massachusetts look to be the most significant rate cuts during the month. The units requested 2.4% reductions, which are projected to lower the group's calculated premiums by $16.4 million.

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