Mississippi Insurance Commissioner Mike Chaney has denied Allstate Property and Casualty Insurance Co.’s requested 44 percent statewide homeowners rate increase.
“Based on our internal reviews and that of our actuary, I do not believe a 44 percent increase is justified,” Chaney said.
Chaney has been reviewing Allstate’s rate increase since March.
The 44 percent increase filing came after Chaney denied a 60-65 percent rate hike for the company.
“We have worked very hard, very diligently, very openly and very honestly with Allstate on this rate increase,” Chaney said. “However, I will not approve a 44 percent rate increase for Allstate without a court order.”