The West Virginia Office of the Insurance Commissioner is accepting comments about a proposed 47.38% average increase in auto liability rates filed by American Modern Property and Casualty Insurance Co.
About 504 policyholders will be affected.
Written comments will be accepted through Nov. 25, and they must be mailed to the Property Casualty Division at the commissioner’s office, P.O. Box 50540, Charleston, WV 25305. Envelopes should be marked “Re: Liability Increase,” the office noted.
The filing by the specialty insurer is not publicly available until it is approved by the commissioner, the office said in a statement. It is the latest large rate increase request for automobile insurance in West Virginia in the last two years. Progressive Insurance requested a 19.7% increase in January 2024, followed by a similar rate hike filed by Nationwide Insurance four months later, affecting thousands of policyholders.
Auto and property insurance rates have risen across the country in recent years, although insurers last month signaled that rate pressure has dropped in at least one state: State Farm Insurance announced last week that it is cutting average personal auto rates in Florida by about 10%, the latest in a string of Florida auto decreases by State Farm this year.
American Modern, a Munich Re company, is headquartered in Amelia, Ohio.
Topics Trends Auto Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
Reuters: Iran, Russia and the New Zealand Insurer That Kept Sanctioned Oil Flowing 
‘Catastrophic’ Hack Underscores Public Defender Security Gaps 
Catastrophe Bond Investors Told to Brace for Jamaica Payout 
AIG to Acquire Renewal Rights of Everest’s Retail Commercial Business Worth $2B 
