Colorado’s Division of Insurance announced that Allstate Insurance Group has decreased its rates for private passenger automobile policies in the state, providing a savings of $6.8 million to consumers through reduced premiums.
“In today’s down economy, consumers need financial relief whenever possible,” said Commissioner of Insurance, Marcy Morrison. She said she hoped other insurers would follow suit a lower premiums as well.
The Division of Insurance analysis determined that Allstate’s proposed rates were compliant with Colorado statutes and regulations. Actuarial analysis submitted to the Division of Insurance by Allstate indicated that favorable loss experience during the past few years contributed to the decrease in rates. “Loss experience” is a term that describes the claims for losses presented by the insurance company. A favorable loss experience means that the company
received and paid fewer claims than expected.
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