Tennessee Farmers Mutual Insurance Co. filed a rate increase in its state of domicile that may have been the most impactful rate increase nationwide in June 2017, according to an S&P Global Market Intelligence analysis of more than 300 approved homeowners rate filings.
The state regulator closed the company's file-and-use request to increase rates by 4.38% on its homeowners business June 19, with an effective date of Sep. 1, for both new and renewal business. The new rate would result in an increase of calculated written premium of $20.4 million, affecting more than 418,000 policyholders in the Volunteer State. Liberty Mutual Holding Co. Inc. subsidiaries received approval for 25 rate changes across 11 states in the U.S. Overall, 23 rate hike approvals for the group would lead to a combined calculated premium increase of $21.6 million. Companies in the group submitted two rate cut requests, for 1.70%, which were both approved in Minnesota.