{"id":22197,"date":"2024-07-22T16:54:30","date_gmt":"2024-07-22T16:54:30","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=784993"},"modified":"2024-07-22T16:54:30","modified_gmt":"2024-07-22T16:54:30","slug":"pennsylvania-shaved-98-million-off-insurer-rate-requests-in-first-half-of-year","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/07\/22\/pennsylvania-shaved-98-million-off-insurer-rate-requests-in-first-half-of-year\/","title":{"rendered":"Pennsylvania Shaved $98 Million Off Insurer Rate Requests in First Half of Year"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/img\/social\/opengraph\/ij-social-default-1200x630.png\" class=\"ff-og-image-inserted\"><\/div>\n<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/east\/2024\/07\/22\/784993.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/east\/2024\/07\/22\/784993.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p>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.<\/p>\n<p>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.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"carriers\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>\u201cThis rate review process helps keep hard-earned money in Pennsylvanians\u2019 pockets. PID encourages all consumers to shop for coverage, so that they can ensure they\u2019re purchasing the coverage that fits their needs, at a price they can afford,\u201d said Pennsylvania Insurance Commissioner Michael Humphreys .<\/p>\n<p>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.<\/p>\n<p>The department\u2019s news release on the savings said that it has received a \u201csignificant volume of requests for rate increases\u201d 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.<\/p>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/carriers\/\" class=\"btn btn-sm btn-primary tagtag\">Carriers<\/a> <a href=\"https:\/\/www.insurancejournal.com\/location\/pennsylvania\/\" class=\"btn btn-sm btn-primary tagtag\">Pennsylvania<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"784993\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! 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Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>Interested in <em>Carriers<\/em>?<\/h4>\n<p>Get automatic alerts for this topic.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments 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&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":22198,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[694,19,954,1,955,956],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/07\/pennsylvania-shaved-98-million-off-insurer-rate-requests-in-first-half-of-year.png","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22197"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=22197"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/22198"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=22197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=22197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=22197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}