The Louisiana Insurance Rating Commission granted Allstate Insurance Co. a $21.9 million auto policy rate increase. The rate hike is the second the company has received in the past nine months. According to the New Orleans Times-Picayune, Allstate is Louisiana’s second-largest insurer of private passenger autos.
Around 200,000 Allstate policy holders will see an average rate increase of 8.5 percent as a result of the approval, which translates to an average per-policy increase of about $120 for a year. Dec. 31 is the effective date for the rate hike. Allstate’s last increase of 6.2 percent, went into effect June 19.
Allstate had originally sought a 5 percent average hike on its higher-risk drivers that would have generated another $4.1 million, but pulled that request.
Also approved was a 28 percent rate increase for operators of churches, small businesses, condominiums and apartment complexes that had been requested by State Farm Fire and Casualty and State Farm General Insurance companies. State Farm expects the rate increase will generate about $7.7 million for the company.
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