Two private-passenger auto rate hikes approved for an Allstate Corp. unit were among April's most significant rate changes.
During the month, regulators across six states signed off on 18 rate-increase requests by Allstate. Combined, those hikes may boost the company's aggregate premiums by $80.0 million.
American Family Insurance Group continued to boost personal auto rates in April, as it was approved for 25 rate hikes in a total of 15 states. Those increases may lead to the group's premium rising by $72.0 million.
Regulators in Michigan approved 23 private auto rate hike requests in April, the most of any state in the month. Those newly approved rates are set to bring in an additional $98.4 million in calculated written premiums.
On the flip side, Progressive Corp. subsidiaries received a sign-off on the largest number of rate cuts during the month. Progressive units accounted for 15 of the 42 rate-reduction requests approved by state regulators in April. The cuts may lower the insurer's combined personal auto premiums by $27.9 million.
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