RateWatch: Personal Auto Rates +2.1%, Homeowners +3.5%

News provided by

Dec 23, 2014, 02:08 ET

SANTA MONICA, Calif., Dec. 23, 2014 /PRNewswire/ -- Personal auto insurance companies increased their rates by an average of 2.1% countrywide over the 12 month period from 4th Quarter 2013 through 3rd Quarter 2014. Homeowner insurers increased their rates by an average of 3.5% countrywide over the same period.

The 3 states with the highest overall auto insurance increases over this period were Michigan at 5.2%, Georgia at 4.7%, and Rhode Island at 4.2%. For homeowners, the states with the highest average rate increase were Kansas at 8.5%, Texas at 7.8% and Montana at 7.7%. In addition, homeowner insurers in Florida and Hawaii implemented small rate decreases on average over this period of -0.5% and -1.3% respectively.

During the period, the top 5 insurance groups by premium for personal auto were State Farm, Berkshire Hathaway, Progressive, Allstate and Farmers Insurance. These companies took rate changes of 2.4%, 1.2%, 1.7%, 2.5%, and 2.0% respectively. Likewise for homeowners, the top 5 insurance groups by premium were State Farm, Allstate, Liberty Mutual, Farmers Insurance and USAA. These companies took rate changes of 3.8%, 1.9%, 7.0%, 5.2%, and 1.3% respectively.

About RateWatch

RateWatch is a series of highly accurate and timely competitive intelligence reports tracking the rate change activities of the largest personal auto and homeowners insurance carriers by state. RateWatch enables subscribers to make quick comparisons of rate activity among competitors. These unique reports compile insurance company information into easy-to-read and customizable exhibits delivered through RateFilings.com.

About Perr&Knight

Perr&Knight is a leading provider of insurance support services and a strategic resource that companies utilize to reduce their fixed costs while increasing the efficiency and value of their insurance operations. Our insurance support services include Actuarial Consulting, Competitive Intelligence, Data Services, Insurance Technology, Regulatory Compliance and Risk & Financial Services.

Perr&Knight offers RateWatch reports for Homeowners and Private Passenger Auto lines. To find out how you can benefit, please contact:

Scott Knight
Director | Sales & Marketing
310-889-0947
[email protected]
www.perrknight.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ratewatch-personal-auto-rates-21-homeowners-35-300013749.html

SOURCE Perr&Knight