The Louisiana Insurance Rating Commission approved a 14 percent increase in automobile insurance rates for State Farm Mutual Automobile Insurance Co. and a 19 percent rate hike for State Farm Fire & Casualty Co. The increases were less than originally sought by the State Farm Group companies. According to A.M. Best, State Farm Mutual, which covers about 91 percent of the company’s 1.05 million auto insurance customers, had requested a 16 percent rate hike. The remainder of State Farm’s Louisiana auto customers, mostly high-risk drivers, are covered by State Farm Fire & Casualty, which sought a 20.9 percent increase in rates.
Topics Louisiana
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