Insurify projects prolonged tariffs could increase premiums as much as 7% nationally by the end of the year, up from 4% without tariffs. According to a report by Insurify, auto insurance companies looked at 2025 as a year to keep insurance rates stable, or even cut them, after years of premium increases. In the first […]
Louisiana Auto Insurers File Rate Reductions as Accident Frequency Drops
Louisiana auto insurance companies have filed more than 20 rate reductions since January, with 14 cuts exceeding 1%, as reduced accident frequency drives down claims costs, state Insurance Commissioner Tim Temple announced August 14. “As cost drivers in the market go down, losses go down with them, and businesses are incentivized to compete for customers […]
Illinois Secretary of State Launches Auto Insurance Rate Reform Campaign
Illinois Secretary of State Alexi Giannoulias launched a statewide campaign July 29 aimed at restricting insurance companies from using socioeconomic factors in auto insurance pricing, drawing immediate opposition from industry groups. The “Driving Change” campaign targets the use of credit scores, ZIP codes and age in rate-setting, with Giannoulias arguing that driving records should be […]
NC Insurance Commissioner Settles Auto Insurance Rate Case at 5% Increase
North Carolina Insurance Commissioner Mike Causey announced a settlement with the N.C. Rate Bureau that will increase automobile insurance rates by an average of 5% statewide, avoiding a scheduled hearing on the matter. The settlement represents a significant reduction from the Rate Bureau’s original request filed in February for a 22.6% average increase, as reported […]
North Carolina Automobile Insurers Request 22.6% Rate Increase
In 2023, insurers requested over 28% increase but settled with insurance department for 4.5% annually for two years. The North Carolina Department of Insurance (NCDOI) announced that insurance companies have requested a statewide average 22.6% increase in automobile insurance rates. The North Carolina Rate Bureau, which represents the automobile insurance companies in the state and […]
New Washington State Insurance Commissioner Discusses Factors Increasing Auto Insurance Premiums, Cost of Repairs
Patty Kuderer was sworn in as Washington State’s ninth insurance commissioner by Washington Supreme Court Justice Steve Gonzalez. Kuderer, a former state Senator from Bellevue, was joined by her son, Michael, and family friend, Stephanie Weil. She is one of only 11 elected insurance commissioners in the country and Washington’s first new commissioner in 24 […]
California Insurance Commissioner Lara Moves to Implement New Insurance Rate Review Process
Consumer group raises concern over new process. California Insurance Commissioner Lara on August 8 issued a Bulletin implementing rate review reforms aimed at stabilizing the state’s insurance marketplace. This accomplishes reforms that were included in budget trailer language that Governor Newsom introduced in May, and which were first proposed by Commissioner Lara last year as […]
Mercury Insurance Names the Most Affordable New EVs to Insure
Due to the growing demand for electric vehicles, particularly in California, Mercury Insurance (NYSE: MCY) has compiled a list of the most affordable new EVs to insure, which will arm consumers with valuable knowledge when they go to shop for an EV. Factors contributing to insurance costs include claims on similar vehicles, cost to repair […]
Five of the Top 10 U.S. Auto Insurers Grew Market Share in 2023
Auto insurance premiums earned up over 12% last year. Total direct premiums earned on private passenger auto insurance were $303.5 billion in the U.S. in 2023, up 12.3% from 270.3 billion in 2022 according to data released March 18 by the National Association of Insurance Commissioners (NAIC). In comparison, during 2022, earned premiums were up […]
GEICO Offering Discount for New Personal Auto Policies
S&P Global Market Intelligence reported that GEICO has recently begun submitting personal auto rate filings in several states that offer a “Welcome Factor” discount to new customers. The plan offers a temporary discount that applies to new policyholders and would be phased out in each subsequent renewal period. The discount first appeared in its Virginia […]
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