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Auto Club, GEICO among insurers that hiked personal auto rates in January

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Auto Club, GEICO among insurers that hiked personal auto rates in January

Auto Club Exchange Group received regulatory approval for the most impactful rate increase on private-passenger auto business during the month of January, according to an S&P Global Market Intelligence analysis.

California signed off on a 5.9% rate increase for Interinsurance Exchange of the Automobile Club, which could increase premiums by $120.5 million in the Golden State.

Subsidiaries of GEICO Corp., which writes most insurance business for Berkshire Hathaway Inc., may see the second-largest premium increase after Auto Club in January. Seven GEICO units received 12 rate-filing approvals that may lead to a combined increase of $76.9 million in premiums. From these approved filings, three featured in the notable rate increases list for the month.

S&P Global Market Intelligence's analysis of private-passenger auto filings included 427 rate filings across 43 states and the District of Columbia approved in January. From these approvals, the industry may see a collective premium increase of $509.5 million. Less than 10% of the filings approved during the month would result in rate decreases, while about 30% of them resulted in no impact on calculated premium change during the month.

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Click here for a template providing rate changes for a select entity, state or type of insurance, and to view metrics related to premiums, approval time and affected policyholders.

Click here for a webinar with information on the resources S&P Global Market Intelligence has available regarding rate filings.