At least eight insurance companies recently appeared before the Louisiana Insurance Rating Commission seeking rate increases on various lines, including medical malpractice, auto and property insurance, according to the Baton Rouge Advocate.
State Farm and at least six other companies are scheduled are seeking higher auto insurance rates. Among the firms pursuing higher medical malpractice rates are Continental Casualty Co., The Doctors’ Co. and Louisiana Medical Mutual Insurance Co. Those companies asking for increases in property insurance rates include The Continental, State Farm Fire & Casualty and State Farm Mutual.
The Advocate noted that at the high end of the rate requests, State Farm Fire & Casualty wants a 20.9 percent increase in property rates and State Farm Mutual Automobile Insurance Co. is seeking a 16 percent increase in auto rates. At the low end, Illinois National Insurance requested an 8.6 percent rate increase and Progressive Security Insurance Co. wants to raise rates by 8.5 percent.
In recent months State Farm and Allstate Insurance, two of the state’s biggest casualty and property insurers, were granted rate increases.