Amica Mutual Insurance Co.'s calculated premium increase of almost $22.0 million in Texas was the most impactful homeowners’ rate increase during January, according to an S&P Global Market Intelligence analysis. Amica was granted a total of six rate hikes across as many states for $27.8 million, which could be the largest potential increase for the month.
Nationwide Mutual Group could receive the second-largest collective increase of $24.8 million in written premium. Regulators in California approved several requests for a calculated increase of $20.1 million, or 81.23% of the total estimated written premium increase.
Overall, state regulators approved a total calculated premium increase of $190.7 million in the homeowners' line of business. The busiest state was Illinois, with 13 rate hike approvals, followed by Missouri and Tennessee with 12 approvals each. The total estimated increase in written premium from these states could be $5.6 million, $5.8 million, and $5.0 million, respectively.
From the analysis of 256 rate filings, 194 resulted in rate hikes, while 19 resulted in rate cuts and remaining had no impact on premium rates.
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