SANTA MONICA, Calif., Feb. 19, 2015 /PRNewswire/ -- Personal auto insurance companies increased their rates by an average of 2.3% countrywide in 2014, according to preliminary figures compiled from Perr&Knight's RateWatch. The 2014 increase is slightly lower than the 2013 countrywide rate increase of 2.7%.
The five states with the highest overall increases in 2014 were Georgia at 8.6%, Michigan at 5.4%, Louisiana at 5.1%, Utah at 4.7%, and Rhode Island at 4.5%. No states experienced an overall reduction in personal auto rates in 2014.
Preliminary figures compiled for homeowners show that insurance companies increased their rates by an average of 2.9% countrywide in 2014, while renters insurance rates were up 2.3% and condominium insurance rates rose 2.4%. This is a reduction from 2013 figures, which were 5.7% for homeowners, 2.9% for renters and 3.4% for condominiums.
The five states with the highest overall increases in 2014 for homeowners insurance were Nebraska at 8.1%, Montana at 7.5%, Kansas at 6.9%, and Oklahoma and Texas at 6.1%. Three states, California, Florida, and Hawaii, experienced overall decreases in homeowner insurance rates in 2014 of -0.3%, -0.6% and -0.2%, respectively.
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.
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.
SOURCE Perr & Knight