American International Group Inc. received approvals for Pennsylvania rate filings that were among the largest increases nationwide for workers' compensation during February.
According to an S&P Global Market Intelligence analysis of more than 700 approved rate filings, nine AIG units increased rates by 11.90% in the state. Five of those rate approvals resulted in notable increases by calculated premium change. Another subsidiary hiked rates by 15.40% in the state, though the expected rise in premium was not among the 10 greatest changes.
Seven of the 10 most notable workers' comp rate increases in February were approved in Pennsylvania. It was also the busiest state nationwide with 20 rate hike approvals, which are expected to lead to a favorable impact of $12.2 million in premiums impacting more than 6,000 policyholders in the state.
The new rates would take effect statewide April 1 for both new and renewal business adopting the Pennsylvania Compensation Rating Bureau's proposed loss costs. The approved loss costs called for an overall decrease of 6.21% in collectible loss costs.
Click here for a template providing rate changes for a selected entity, state or type of insurance over a selected time period using interpretive charts and histograms. With this template, one can also view information on each filing along with key metrics related to premiums, approval time and affected policyholders.
Click here for a webinar with information on the resources SNL has available regarding rate filings.