The group led by Liberty Mutual Holding Co. Inc. received approval for several significant rate increases in its homeowners line of business in November.
One Liberty Mutual unit, Safeco Insurance Co. of Indiana, received a 5.9% rate hike in Texas, which may have been the most impactful homeowners rate increase approved during the month. The rate change is expected to boost Liberty Mutual's written premiums $20.2 million and affect more than 187,500 policyholders in the Lone Star state.
Overall, the group received approval for 12 rate increases across six states and District of Columbia in November, which could result in a total calculated premium increase of $34.4 million.
Georgia regulators approved 20 rate increase requests, the most in any single state for the homeowners business during the month. These rate hikes could result in additional written premiums of $29.9 million combined, with a weighted-average rate increase of 6.50% in the state, based on calculations using rate filings data.
This analysis by S&P Global Market Intelligence included 284 homeowners rate filings approved in November, of which 189 are expected to result in increased written premiums, 30 are expected to lower premiums and the rest are expected to have no impact on premiums.
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 SNL has available regarding rate filings.