One Progressive Corp. subsidiary in Texas may have received the most impactful rate hike approved for the private passenger auto line of business in November 2018.
Overall, Progressive units received approvals on eight rate increases nationwide that could collectively boost premiums by $73.2 million. Out of this total, $64.5 million is expected in the Lone Star State where regulators approved two rate hikes. The increases impact new and renewal business.
Allstate Corp. also obtained approvals on some noteworthy rate-increase requests during the month. Cumulatively, Allstate could see its premiums increase by $117.8 million from 18 rate hikes across 12 states.
Many of the increases come from Colorado, where the company's local unit has made a number of rate filings over the years that were only approved recently. Colorado has a "file and use" law that allows for the application of rates to consumers prior to formal state regulatory approval, which means that the effect of the rate changes listed below have been flowing through for some time.
Texas saw the highest number of private auto rate increases in November 2018. Regulators there approved 27 rate hike requests that could potentially increase premiums for a number of insurers by a cumulative $100.3 million. Other states that approved more than 15 rate hikes in the month included Tennessee, New York and Utah. Insurers in those respective states expect to see total premium increases of $16.9 million, $19.9 million and $5.3 million from those hikes.