Farmers Insurance Group of Cos. received approval for roughly 50 rate increases for its homeowners business in the fourth quarter of 2016.
Those increases could generate $130.3 million in additional premiums written for the insurer, based on calculations using rate filing data. Over 70% of the potential increase stems from rate filings approved in Texas, Oklahoma, and Colorado. In addition to these three states, Farmers received rate increases in more than a dozen other states during the quarter, according to our data.
Allstate Corp. received approval for rate increases in 15 states during the last quarter of 2016, which could add $42.3 million in premiums written.
On the other side of the spectrum, the group led by State Farm Mutual Automobile Insurance Co. dominated the notable decreases list. The nation's largest homeowners insurer saw some big rate cuts in California and Michigan, which could potentially decrease the insurer's written premiums by $64.4 million and $18.4 million in those respective states. State Farm Fire & Casualty Co. was also approved for some relatively large rate cuts in Oregon and Virginia that could reduce premiums by a combined $11.1 million.