trending Market Intelligence /marketintelligence/en/news-insights/trending/ekZMo-dM_dGP5edQtHQcWA2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Auto Club Exchange, Farmers increased Calif. private auto rates in 2018

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

Auto Club Exchange, Farmers increased Calif. private auto rates in 2018

Auto Club Exchange Group unit Interinsurance Exchange of the Automobile Club received approval for a rate increase in California that may have been the most impactful hike nationwide in 2018 for a company outside of the four largest private auto insurers.

The Missouri-based insurer, which was the fifth-largest private auto insurer in California in 2017 with an 8.5% share of the market, got its request for a 5.9% rate increase approved in January 2018. The filing may result in an estimated written premium increase of $120.5 million and could impact about 1.3 million policyholders.

Farmers Insurance Group of Cos. also increased rates in California, doing so twice in 2018. The cumulative written premium impact of those increases of 6.9%, which were approved in January and October 2018, is estimated to be $76.5 million. Farmers was California's second-largest writer of private auto insurance in 2017, controlling 11.6% of the market.

Kentucky Farm Bureau Mutual Insurance Co. Inc. lowered private auto rates in its home state of Kentucky by 3.9%, which may have been the most notable rate decrease approved in 2018 for a non-Big-Four private auto insurer. The rate decrease may lower premiums written by $23.8 million.

SNL Image

SNL Image

Click here for a template providing rate changes for a select entity, state or type of insurance over a selected time period. With this template, users 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 S&P Global Market Intelligence has available regarding rate filings.