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Regulators OK homeowners rate hikes by Allstate, Liberty Mutual in April

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Regulators OK homeowners rate hikes by Allstate, Liberty Mutual in April

Allstate Corp. may see the largest increase in U.S. homeowners written premiums from rate hikes approved in April, according to an S&P Global Market Intelligence analysis of more than 300 filings.

Allstate received approvals on eight rate increase requests during the month that could collectively result in additional written premiums of $43.0 million. Regulators in Texas signed off on three of the increases; two of those hikes were among the most-impactful individual increases approved in April across the country.

Liberty Mutual received 18 rate hike approvals in April, the most for any insurer group. Combined, the rate increases could boost premiums written by $21.1 million across nine states, affecting almost 486,000 policyholders. Liberty Mutual wrote $6.47 billion in homeowners premiums nationwide during 2017, making it the third-largest homeowners underwriter.

Overall, Texas regulators approved 20 rate increases in April that could lead to a total premium increase of $86.7 million. Colorado and Virginia each approved 12 rate increases for positive impacts on premiums of $24.2 million and $6.9 million, respectively.

On the other end of the spectrum, a 4.0% rate decrease by State Farm Mutual Automobile Insurance Co. subsidiary State Farm Fire & Casualty Co. was the most significant rate decrease among 30 rate cuts requests approved in April. State Farm's Michigan rate reduction could lower the insurer's written premiums by $16.9 million. That single rate cut accounts for 78% of the total nationwide calculated homeowners premium decreases for 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.