Arizona — Auto Rate Hikes: Arizona does not require insurance companies to get rates approved by an insurance commissioner or an insurance department. In the case of Arizona it is the Department of Insurance and Financial Institutions.
Since mid-2021 the department says Geico, Allstate, Progressive and Farmers have raised premiums. Geico raised its rates by 8% in November of last year. Allstate rates were raised by 7% and State Farm is wanting a 4% hike.
Robert Passmore of the American Property Casualty Insurance Association (APCIA) says labor shortages and supply chain issues and other data shows an increase in miles driven. That has led to more collisions and fatalities.
“No question that at the beginning of the pandemic, miles driven and claims fell off a cliff and during that unique period of time insurers did a lot of things to try to provide some relief to their policyholders,” Robert Passmore said. “It’s taken a while, but we’re now back to the point where people are driving as much or more than they were pre-pandemic.”
Source link: Insurance Business America — https://bit.ly/3txBs6k
California — State Fund Issues Dividend: California’s State Compensation Insurance Fund is going to distribute $55 million to policyholders as a dividend for those who had policies with the fund in 2021.
The dividend will be about 5% of the annual premium paid by a policyholder.
Source link: Business Insurance — https://bit.ly/3NefLQE
Oregon — Bulletin for P&C Auto Insurers: The Division of Financial Regulation periodically issues bulletins and memorandums in order to provide guidance to the insurance industry. These documents may become outdated for any number of reasons, including changes in statutes, administrative rules, policies, or they may be superseded by new bulletins containing updated information.
A review of COVID-19 related bulletins and memos has revealed that the memorandum dated March 23, 2020 is obsolete per a change in DMV policy pursuant to House Bill 2137 (2021) that provided an additional moratorium for certain traffic offenses including expired licenses and registrations.
Auto insurance memorandum.pdf
Around the PIA Western Alliance States
About PIA Western Alliance
The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.
PIA WESTERN ALLIANCE VALUES OUR STERLING PARTNERS