The Pennsylvania Insurance Department (PID) reported that it has saved consumers $98.3 million in annual auto, home and other property/casualty insurance premiums in the first six months of 2024 through its review of insurance company rate filings.
The vast majority of these savings, or $77.2 million, have been in personal auto insurance premiums, where department actuaries required reductions in proposed rate changes and assumptions, the agency said.
“This rate review process helps keep hard-earned money in Pennsylvanians’ pockets. PID encourages all consumers to shop for coverage, so that they can ensure they’re purchasing the coverage that fits their needs, at a price they can afford,” said Pennsylvania Insurance Commissioner Michael Humphreys .
Insurance companies must file their proposed rate changes for review before the rate changes take effect. The department then either approves, approves with adjustments, or disapproves the proposed rate changes.
The department’s news release on the savings said that it has received a “significant volume of requests for rate increases” in recent years, which the agency attributes largely to various inflationary factors, including the increased cost of new and used vehicles, rising costs to repair or replace safety technology features or parts in vehicles, and the increased value of homes.
Topics Carriers Pennsylvania