Regulators across 11 states approved 24 homeowners insurance rate increase requests for Allstate Corp. units in the month of November, which could lead to a combined premium increase of $45.1 million, according to an analysis by S&P Global Market Intelligence.
More than half the increase, $24.1 million, is expected to come from Illinois, where regulators approved three rate hike requests Nov. 4. The new rates are expected to go into effect Jan. 20, affecting more than 290,400 policyholders. Overall, five of November's 10 most significant rate hikes, in terms of premium increases, were approved for Allstate group.
An AIG unit, AIG Property Casualty Co., received sign-off on four rate increases that could collectively result in a premium increase of $19.9 million, including one in New York that could bring in an additional $18.0 million.
On the other side of the spectrum, a subsidiary of Selective Insurance Group Inc. was approved for an 11.9% rate cut in New Jersey that is expected to reduce the insurer's premium by $2.3 million.
