GEICO Corp. had a busy June in terms of rate filings, with regulators in 11 states approving 49 private-passenger auto rate filing applications for the nation's second-largest auto insurer. The increases could result in a total calculated premiums increase of $122.0 million, according to an S&P Global Market Intelligence analysis.
Most of this premium increase would come from New Jersey, Colorado and Virginia, where GEICO could potentially earn additional premiums written of $89.4 million combined.
Apart from Berkshire Hathaway Inc.'s GEICO, only USAA Insurance Group received rate hikes that could lead to an increase in premiums written by more than $100 million. About 70% of the increase would come from its home state of Texas, where the rate change was set to take effect May 21 for renewal business. Regulators in Oklahoma and Missouri approved rate hikes that could increase USAA's premiums written by more than $10 million in each state.
The above chart does not include State Farm Mutual Auto Insurance Co.'s rate increase in California, which was previously approved in April.Progressive Corp. received noteworthy rate cuts for the second month in a row. These rate cuts were concentrated in the Midwestern states, such as Minnesota, Wisconsin, Iowa and Indiana, and could decrease its premiums by $17.0 million combined.
This analysis includes 493 private-passenger auto rate filings approved by regulators in June, of which 355 were rate increases and 26 were rate decreases. The remaining rate changes would have no calculated impact on premiums.