A subsidiary of Michigan Farm Bureau obtained an approval for a 4.7% rate hike in Michigan that may have been the most impactful rate increase nationally in the private-passenger auto segment during November 2019, according to an analysis by S&P Global Market Intelligence.
Michigan regulators signed off on two rate hike requests for Michigan Farm Bureau subsidiaries Nov. 22, which are expected to boost the group's written premium by $21.0 million. An increase of 4.7% for Farm Bureau General Insurance Co. of Michigan alone could generate $19.8 million and affect nearly 170,000 policyholders in the state.
Progressive Corp. units received approval for nine rate increases across New York and Colorado during the month, including five that were among the 10 most impactful of the month. The rises in New York could generate a boost of $33.9 million in private auto premiums, while in Colorado there were five approvals apiece for increases and decreases.
A rate cut request by State Farm Mutual Automobile Insurance Co. in Kentucky could be the most noteworthy decrease during the month. It was approved for a $23.1 million cut as well as a smaller $2.7 million reduction.