The top eight most impactful commercial auto insurance rate increases approved during the month of March were all in Texas, according to an S&P Global Market Intelligence analysis.

Regulators in the Lone Star State signed off on 33 commercial auto rate hikes in March, which may lead to an additional $66.1 million in premiums written. That projected increase is the largest for any single state for the month.

Fairfax Financial Holdings Ltd. could see the second largest cumulative premium increase from three hikes approved by Texas regulators which, when combined, could boost the company's premiums by almost $14.9 million. The majority of the premium increase will come from the most impactful rate increase obtained by subsidiary Hudson Insurance Co. The 29.4% rate hike is expected to affect just under 600 policyholders.

Farmers Insurance Group of Cos. may see its commercial auto premiums rise by $16.8 million from rate increases approved in March. Of the 20 rate hikes it secured, three made it to the top eight most notable rate increases. About $13.8 million of the total calculated increase stands to occur in Texas.

On the other side of the spectrum, the Texas regulators signed off one rate-cut request from The Progressive Corp. subsidiary Progressive County Mutual Insurance Co. The 2.10% rate reduction could lower the group's written premium by $11.2 million.

Overall, Progressive secured three rate cuts that were included in the five most notable decreases of the month. The group could see an aggregate premium reduction of $11.5 million from those rate decreases.

Central Mutual Insurance Co. and Grange Mutual Holding Co. may see their premiums fall by nearly $206,000 and $197,000, respectively, from rate cuts approved in March.

This analysis covers 852 commercial auto rate filings approved in March, of which 413 are expected to result in premium increases, 44 could lead to premium decreases and the rest are expected to have no impact on premiums.