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Personal auto rates recap, August 2016

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Personal auto rates recap, August 2016

An analysis of private-passenger auto rate filings approvedin August shows that ProgressiveCorp. and FarmersInsurance Group of Cos. would see the largest calculated premiumincreases compared with any other insurer.

Progressive received some noteworthy approvals for rateincreases in New York and Georgia that would result in calculated premiumincreases of $46.3 million and $24.4 million, respectively. Overall during themonth, the insurer received approvals for rate changes in 10 states, with nineincreases and one decrease that would result in a calculated premium increaseof $93.8 million combined for the group, according to an S&P Global MarketIntelligence analysis.

Farmers continued to see numerous approvals for rate changes inAugust. It received approvals in more than a dozen states that combined wouldresult in a calculated premium increase of $58.1 million.

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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.