In February of 2017, regulators accepted several GEICO Corp. and Allstate Corp. rate filings that were among those with the largest associated change in premium.
Allstate's rate changes with disposition dates for the month are estimated to result in an increase in written premiums of $236.8 million, according to an S&P Global Market Intelligence analysis. Two of those rate increases, filed by Allstate Fire & Casualty Insurance Co. in Texas, are associated with a calculated combined premium increase of $181.9 million. The two rate increases were scheduled to take effect December 17, 2015, and July 28, 2016, respectively, but were considered by state regulators in February.
California regulators accepted a 6.9% rate increase for three GEICO units, which would impact combined annualized written premiums of $1.54 billion. GEICO wrote more than $2 billion of private auto direct premiums for the first time in the state during 2016, based on annual statutory statements.The rate changes closed for Berkshire Hathaway Inc.'s GEICO could result in a premium increase of $206.8 million.
Nationwide Mutual Group saw regulators close the most rate changes of any insurer during the month, with 35 rate filings approved in 11 states. Nationwide's private-passenger auto premiums could increase by $89.2 million following those changes.The insurer was also granted a 2% rate increase in New York in February, which could lead to a $53.8 million increase in auto premiums there.
Of 422 private-passenger auto rate filings approved in February, 301 were rate increases and only 27 were rate decreases. The remaining rate filings had no rate impact.
To learn more about the tools used to conduct this analysis, take a look at our essential solutions for insurance.