What appears to be the most significant rate hike approved nationwide in November 2018 could generate a positive premium impact of $29.0 million for one State Farm Mutual Automobile Insurance Co. subsidiary, according to an S&P Global Market Intelligence analysis.
State Farm units received regulatory approvals on five rate-increase requests in the month, four of which were featured in the list of top-10 notable increases. In aggregate, the five hikes are expected to increase State Farm's homeowners' premiums by $60.8 million.
State Farm remains the nation's largest underwriter of homeowners policies, controlling 19% of the total market, an analysis of third-quarter statutory data reveals.
Travelers Cos. Inc. also saw a few significant rate increases during the month. Six of its subsidiaries received approval on 15 rate-hike requests across seven states in November 2018, which may boost calculated premiums written by $33.8 million. Nearly 64% of this total premium increase would come from Texas as a result of four rate-increase approvals in that state.
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