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Georgia has Allstate on its mind

Arecent rate filing from AllstateCorp. has raised thehackles of Georgia's insurance regulator, but data shows thatAllstate is not the only large insurer pushing for personal auto rate hikes inthe Peach State.

"Iam deeply concerned about this filing and the impact it could have onconsumers," Georgia Insurance Commissioner Ralph Hudgens said in an April11 news release. "Georgia law prohibits me from stopping or delaying thisincrease unless an actuarial examination proves the rate to be legallyexcessive."

Thefiling, which was submitted by Allstate P&C Insurance Co., calls for an overallstatewide automobile rate increase of 25% to be implemented May 22, accordingto the Georgia insurance department. The actual filing is not yet beingreleased to the public because it is still under review, the regulator toldS&P Global Market Intelligence.

Theinsurer defended its rate change in a statement provided to the Insurance Journal. According to an April14 report,an Allstate spokesperson reportedly said the hikes were justified, and said theinsurer would cooperate with Georgia's investigation into the matter.

Allstateranked as the second-largest private auto insurer in Georgia in 2015, based ondirect premiums written, with 11.7% of the market. Its direct incurred lossratio has not been particularly outsized relative to peers over the past fewyears. On the contrary, its loss ratio was the lowest of the top 5 writers inboth 2013 and 2014, and the second-lowest in 2015. It was also below the ratiofor the industry as a whole in each of those years.

Butas rate filing data shows, Allstate is not alone in seeking rate increases. Forinstance, in March State FarmFire & Casualty Co. was approved for a 9.0% bump on $154.2 million of premiumand State Farm Mutual AutomobileInsurance Co. secured a 4% increase on $1.33 billion of premium.Other top writers in the state, such as Berkshire Hathaway Inc. and , also received ratehikes on business having a renewal date in either 2015 or 2016.

 

SNL offers a variety of tools to analyze the rate and product filings of insurance companies. Click here to find out more about the Insurance Rate & Product Filing subscription.

Click here for a template providing rate changes for a selected entity, state or type of insurance over a selected time period using interpretive charts and histogram. With this template, one 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 SNL has available regarding rate filings.