Progressive Corp. units received the most-impactful commercial auto rate increases nationwide during the first half of 2018, according to an analysis by S&P Global Market Intelligence.
Subsidiaries of the nation's largest commercial auto insurer saw 25 rate requests approved in 22 states in the period. Those increases could potentially increase its premiums by a total of $85.9 million. The largest increase came in Texas where the state's insurance regulator approved a rate hike for United Financial Casualty Co. that could result in an estimated premium increase of $16.5 million.
Texas and California regulators each approved two rate increases requests for Progressive that may boost the group's premiums by $17.4 million and $10.5 million, respectively, during the first six months of the year.
Nationwide Mutual Group and Liberty Mutual Holding Co. Inc. also received approvals for some significant rate hikes. The aggregate written premium increases as a result of these increases are estimated to be $50.8 million and $45.3 million, respectively.
On the other end of the spectrum, Old Republic International Corp. received 67 approvals to cut commercial auto rates across the U.S., which could collectively result in a decrease of $4.1 million in commercial auto premiums. Six rate reduction requests approved for unit BITCO General Insurance Corp. in February were featured on the list of notable rate decreases.
Selective Insurance Group Inc.'s decision reduce rates at five subsidiaries would negatively impact the group's premiums by $1.3 million in New York. The insurance regulator in the Empire State approved a rate change request on June 6 that is set to go into effect on Oct. 1 for both new and renewal business.
Click here for a template providing rate changes for a select entity, state or type of insurance, and to view metrics related to premiums, approval time and affected policyholders. Click here for a webinar with information on the resources S&P Global Market Intelligence has available regarding rate filings. |
