La. Rating Commission Approves Rate Hikes, Fees

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