The Pennsylvania Insurance coverage Division (PID) reported that in 2024 it refused to approve $180.3 million in annual property/casualty (P/C) insurance coverage premium will increase within the state via its price evaluation processes.
The PID mentioned it rejected premium will increase sought by insurers for private auto, householders, renters and flood insurance coverage insurance policies.
By way of its price evaluation course of in 2024, PID mentioned it saved customers:
- $119.7 million in private auto premiums;
- $42.9 million in householders/dwelling fireplace premiums;
- $5.6 million in private umbrella premiums;
- $3 million in pet insurance coverage premiums; and
- $9.1 million in different forms of P/C insurance coverage premiums.
Insurance coverage corporations should file their proposed price adjustments with the division earlier than the speed adjustments take impact. PID’s actuarial workers evaluation the proposed charges to make sure they’re justified.
“Though we acknowledge that insurance coverage charges have been rising year-over-year to account for will increase in restore and substitute prices of the gadgets we insure, PID will at all times intention to maintain as a lot cash in Pennsylvanians’ pockets as potential by by no means approving charges which can be extreme, insufficient or unfairly discriminatory,” mentioned Insurance coverage Commissioner Michael Humphreys in a launch.
Based on the division, Pennsylvania’s insurance coverage market is aggressive with greater than 1,200 insurers.
In a separate announcement in October, PID mentioned its price evaluation course of and reinsurance program lowered the 2025 Inexpensive Care Act (ACA) medical insurance charges for Pennsylvanians by roughly $77.2 million. Most insurers at present providing particular person market protection within the state will proceed to offer plans in 2025 with a statewide common improve of 6%, which is 2 proportion factors decrease than what insurers initially requested.
The Commonwealth will see a 7.6 p.c common improve within the small group market.
Moreover, OID mentioned the state will see a rise in market competitors for a number of counties as some insurers will likely be promoting plans in new counties.
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