Regulators in Texas signed off on the largest number of commercial auto rate hikes in the second quarter, approving 84 requests for increases.
In total, regulators in 41 states and the District of Columbia approved more than 1,000 rate increases during the quarter, based on an analysis by S&P Global Market Intelligence.
Protective Insurance Co. a subsidiary of Baldwin & Lyons Inc., received approval for the most-impactful rate increase during the quarter when Pennsylvania's regulator signed off on a 21.9% rate increase. Such an increase could generate an additional $16.0 million in premiums.Protective received approvals on similar 21.9% rate-hike requests in 11 other states during the quarter. The new rates would be effective Aug. 1 for both new and renewal business in all states.
The Hartford Financial Services Group Inc. received the most number of rate-hike approvals during the quarter, with more than 100 rate increases which would collectively lead to $8.5 million of premium increase affecting nearly 16,000 policyholders across 15 states. Nationwide Mutual and Liberty Mutual Holding Co. Inc. were also active in seeking rate increases during the quarter, with regulators across the nation approving 88 and 68 requests, respectively, from them.
Insurers sought far fewer rate reductions during the quarter with regulators only approving 70 rate-cut requests. Columbia Mutual Insurance Co. received a total of five decreases during the quarter but had the two largest notable decrease during the quarter ended June 30.