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USAA, Chubb raise homeowners rates in August

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USAA, Chubb raise homeowners rates in August

A 9.6% rate hike for United Services Automobile Association in Colorado may have been the most noteworthy increase in the U.S. homeowners insurance industry for August, according to an S&P Global Market Intelligence analysis.

USAA received 26 rate-increase approvals in the month, which could boost the group's homeowners premiums by $25.4 million. Colorado regulators approved four rate increases that alone could boost USAA’s premiums by $19.7 million, or 77.4% of the total positive premium impact for the group.

Regulators in four states signed off on 15 rate-increase requests by Chubb Ltd. subsidiaries in August. These rate hikes stand to increase the insurer's calculated written premiums by $13.3 million.

State Farm Fire & Casualty Co. lowered homeowners rates by 2.3% in Wisconsin. The cut, which will affect nearly 339,000 policyholders, could reduce State Farm's premiums by $5.1 million.

This analysis reviewed 357 homeowners rate filings approved in August, of which 202 resulted in premium increases, 22 were rate decreases and the rest had no impact on calculated premiums.

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