The Pennsylvania Insurance coverage Division (PID) reported that it has saved customers $98.3 million in annual auto, residence and different property/casualty insurance coverage premiums within the first six months of 2024 by means of its evaluation of insurance coverage firm price filings.
The overwhelming majority of those financial savings, or $77.2 million, have been in private auto insurance coverage premiums, the place division actuaries required reductions in proposed price modifications and assumptions, the company stated.
“This price evaluation course of helps preserve hard-earned cash in Pennsylvanians’ pockets. PID encourages all customers to buy protection, in order that they’ll guarantee they’re buying the protection that matches their wants, at a worth they’ll afford,” stated Pennsylvania Insurance coverage Commissioner Michael Humphreys .
Insurance coverage firms should file their proposed price modifications for evaluation earlier than the speed modifications take impact. The division then both approves, approves with changes, or disapproves the proposed price modifications.
The division’s information launch on the financial savings stated that it has obtained a “important quantity of requests for price will increase” lately, which the company attributes largely to numerous inflationary elements, together with the elevated price of recent and used automobiles, rising prices to restore or exchange security know-how options or elements in automobiles, and the elevated worth of houses.
Subjects
Carriers
Pennsylvania
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