Allstate Texas Lloyds on Aug. 20 announced two filings that would raise its homeowners insurance rates in Texas by 5.9 percent and 2.1 percent, but Texas Insurance Commissioner Mike Geeslin immediately moved to block the increases.
In two orders issued Aug. 20, Geeslin said Allstate’s rates require supervision because of the company’s rating practices.
In Order No. 07-0719, the Commissioner said “Allstate Texas Lloyds filings, separately and in combination, proposed rates that were excessive, inadequate, unreasonable, and/or discriminatory for the risks to which they apply.”
Subsequently, in Commissioner’s Order No. 07-0720, Geeslin said Allstate Texas Lloyds is “required to file with the Commissioner all rates, supplementary rate information, and any supporting information.”
Allstate earlier this year withdrew a proposed 6.9 percent increase when the Texas Department of Insurance indicated that rate hike would not have been approved.
Topics Texas Pricing Trends
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