GEICO, Allstate raise private auto rates in December 2021

GEICO Corp. could see the largest total premium increase from private auto rate hikes approved in December 2021, according to an S&P Global Market Intelligence analysis.

Sixteen rate increase approvals during the month could boost the group's aggregate premiums by $413.8 million.

GEICO, Allstate dominate rate hike chart

Three of GEICO's rate filings entered the top 10 most significant increases for December. Of the three filings, the most significant in terms of premium change may be the 11.7% rate hike approved by Texas regulators. That rate increase alone could add $273.8 million to the group's cumulative premiums.

Five of the top 10 increases during the month belonged to The Allstate Corp. A total of 19 rate-hike approvals for the group could increase its aggregate premiums by $164.3 million.

Texas at the forefront

Rate hikes approved in Texas could lead to the biggest change in total premiums at $353.3 million. Lone Star State regulators approved 20 rate increases, the most for any state during the period, followed by Tennessee with 14 rate hikes. Though it only signed off on seven rate increases, Pennsylvania ranked second in terms of premium change, as those hikes stand to boost statewide private auto rates by $112.6 million.

Travelers tops rate cut chart

The Travelers Cos. Inc. subsidiary Standard Fire Insurance Co. received regulatory approval for the most significant rate decrease in December 2021. The 5% rate cut could lower the group's total premiums by more than $10 million.