A request by the Westfield Insurance Company for a 7.7 percent decrease in private passenger automobile rates, and a 6 percent decrease in homeowners rates, has been approved by the West Virginia Insurance Commission. The new rates go into effect July 1.
The approval comes after Westfield submitted a rate-filing request last month to Governor Joe Manchin and the West Virginia Insurance Commission.
Westfield’s request was approved a week after the Insurance Commission approved a similar request by State Farm Insurance for a 10 percent decrease for private auto insurance policies. State Farm’s rates go into effect July 8.
Westfield is one of Ohio’s largest non-public companies. It has a network of more than 1,200 independent insurance agencies and writes policies in 28 states.
The rate changes are being requested due to the recent passage of insurance and civil justice reforms by the West Virginia Legislature.
Cyber Attacks On Banks More Serious Than Public Realizes
E&O Insights: Restaurant and Tavern Risks
CEA’s First CIO Reflects C-Suite Trend
Golf and Country Clubs Weather the Storm
Midwest AGs Go After Storm-Chasing Roofing Companies
Medical Malpractice Payouts Not Driving Up Health Costs: Study
Florida Lawmakers Approve Medical Malpractice Reform
Industry Results Show Positive Signs for Workers’ Comp Line, NCCI’s Chief Economist Says
Sign up to receive insurance news alerts!
