The Louisiana Rating Commission has approved higher premiums for a few insurers in the state, while also installing an annual fee charged to all insurance companies.
The fee is expected to raise about $56.4 million in the next year.
Here are the details on the premium hikes granted:
—Farmers Insurance Exchange received an average increase of 17.5 percent, or $2.8 million. The company originally wanted a 36.8 percent increase.
—Progressive Security Insurance received an increase of 7 percent, or $13.9 million. Originally, Progressive wanted an increase of 9.4 percent, or $18 million.
—National Automotive received its requested increase of 7.9 percent, or $2.3 million.
—Hartford Insurance Co. of the Midwest was cleared for a 19.3 percent, or $1.2 million increase for homeowners insurance customers. Earlier this year, the company sought a 30 percent increase.
—Federal Insurance Co., after being turned down in May, received a homeowners increase of 10.9 percent, or $785,000. The commission deferred action on Sentry Select Insurance’s request for a 19.7 percent, or $1.6 million increase.
Topics Louisiana Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
Federal Judge Cautions State Farm Against Gambling With Courts 
Judge Says Smucker’s Lawsuit Against Trader Joe’s Over Frozen PB&J Can Proceed 
‘Cockroaches in My Food’ Claim Leads to Insurance Fraud Charge 
First Half US P/C Industry Underwriting Gain Jumps to $31.7B 
