_{U.S. states employ a variety of rate regulation mechanisms, including prior approval, modified prior approval, file and use, and use and file. Some states do not require explicit regulatory approval prior to insurers using new rates. This analysis is based on when rate filings are "disposed" by state regulators and does not take into account when those new rates became effective for new and renewal business. In some instances, a new rate may have been in effect prior to the month the filing was approved by the regulator.}

Homeowners insurance rates in Texas continued to increase in the fourth quarter of 2022 with the Lone Star regulators approving four of the top five most impactful rate hikes during the period, according to an S&P Global Market Intelligence analysis.

Regulators in Texas signed off on 32 rate increase requests during the quarter, which are expected to boost industrywide premiums by $425.5 million, the largest projected increase for any state for the quarter.

State Farm Mutual Automobile Insurance Co., the largest homeowners insurance underwriter in the U.S., received regulatory approval for the most significant rate increase during the last quarter of 2022. The 5% rate hike in Texas is estimated to increase State Farm's total premiums by $107.4 million and will impact more than a million policyholders.

Liberty Mutual, Farmers Insurance continue to increase rates

Liberty Mutual Holding Co. Inc. could see the largest aggregate positive premium impact at $310.4 million from the approvals for 96 rate increases that it secured across 30 states. More than one-fourth of that increase comes from five filings in the Lone Star State.

Farmers Insurance Group of Cos., which received the most number of approvals for rate hikes during the quarter, could experience the second-largest cumulative premium increase. The 123 rate hikes approved for the group are expected to bolster its written premiums by $303.6 million.

* Download a template to analyze rate changes for selected entities, state or type of insurance over a selected period. * Read an interview with Slide Insurance Co.'s CEO about the Florida property market.

State Farm also tops rate cut chart

At the other end of the spectrum, a State Farm subsidiary received regulatory approval for the most significant rate decrease during the period. The 3.4% rate cut in the District of Columbia is estimated to reduce State Farm's total premiums by almost $1.1 million, which will impact about 48,000 policyholders.

Overall, Assurant Inc. is expected to record the largest aggregate negative premium impact at $1.3 million thanks to five rate reductions disposed during the quarter. Almost half of the calculated decrease will come from a 16.09% rate cut in Connecticut that took effect Feb. 1 for both new business and renewals.