Mississippi Insurance Commissioner Mike Chaney has denied Allstate Property and Casualty Insurance Co.’s requested 44 percent statewide homeowners rate increase.
“Based on our internal reviews and that of our actuary, I do not believe a 44 percent increase is justified,” Chaney said.
Chaney has been reviewing Allstate’s rate increase since March.
The 44 percent increase filing came after Chaney denied a 60-65 percent rate hike for the company.
“We have worked very hard, very diligently, very openly and very honestly with Allstate on this rate increase,” Chaney said. “However, I will not approve a 44 percent rate increase for Allstate without a court order.”
Topics Pricing Trends Homeowners Mississippi
Was this article valuable?
Here are more articles you may enjoy.
AI Ruling Prompts Warnings From Lawyers: Your Chats Could Be Used Against You 
Nationwide: Consumers Say Insurance Should Evolve for Micromobility Vehicles 
How Niche Insurance Shielded Bad Bunny From Bad Weather 
Data Centers Offer a Potential $10 Billion Windfall for Insurers 
