MetLife Inc. and Liberty Mutual Holding Co. Inc. were prominent among companies that received approvals for homeowners insurance rate increases in April, according to an S&P Global Market Intelligence analysis of more than 300 approved rate filings.
MetLife received approval for 10 rate increases during the month. Subsidiary Metropolitan Lloyds Insurance Co. of Texas received a 25% rate hike approval in the Lone Star State, which may lead to a positive premium impact of $28.4 million.
Liberty Mutual received approvals for 27 rate increases in 12 states, which would provide a combined $58.2 million in additional calculated written premium. Among the top 10 notable increases in April, Liberty Mutual was featured six times with half of them being New York filings.
Rate increases approved by Texas and New York regulators could have the largest positive impact on calculated written premium during the month at $52.0 million and $26.9 million, respectively. Texas regulators signed off on only four homeowners rate hikes in April, but two of those approvals may be the most impactful in terms of written premium change.
On the other side of the spectrum, a rate cut approval for State Farm Mutual Automobile Insurance Co. in California could have the largest premium impact at $64.4 million.
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