Louisiana’s insurance commissioner has approved new rate decreases for private passenger auto policies for two major auto insurers in the state.
Insurance Commissioner Jim Donelon signed off on Progressive Insurance Group’s filing for a rate decrease of 2.3% on new business effective Aug. 21 and renewal business effective Sept. 18. Louisiana Farm Bureau Group’s filing for a rate decrease of 7.5% on new and renewal business, both effective Oct. 1, also has been approved.
Farm Bureau previously received approval for a 4.4% rate decrease in October 2019. The insurer has requested decreases totaling 11.9% in the last 12 months.
Progressive’s newest decrease is the fourth consecutive one for the insurer in the last 22 months. Together they represent a cumulative decrease of 6.2%.
Both companies’ newest rate actions follow the July announcement by State Farm Insurance Company of a rate decrease of 9.6%.
Combined, the three companies cover more than 50% of the private passenger auto insurance market in Louisiana and total 1.5 million policies.
Topics Auto Louisiana Agribusiness
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