Saturday, 25 May 2019
BREAKING NEWS

Amica and Ameriprise Had the Highest Auto Insurance Rate Increases in New York in Q4 2018

These companies raised rates for some customers 19.9% and 14.9%, respectively.

A total of 32 companies were approved for auto insurance rate changes effective in October in New York. In aggregate, the insurance companies estimated a $43.5 million increase in written premiums, with over 2.3 million drivers impacted. Assuming the increases were evenly spread, each affected driver in New York would pay $18.55 more in premiums a year.

Summary of rate changes effective starting October 2018

Amica and Ameriprise led the pack of the 32 carriers, with the highest overall rate impacts of 19.9% and 14.9%, respectively. At the other end of the spectrum, GEICO and Preferred Mutual were approved for rate decreases for their customers, although the magnitude was very small: -0.6% and -0.1%. The average rate change across the 32 insurers we surveyed was 5.8% for October.

Insurance Company Written Premium Change ($000) % Difference Policyholders Affected
Amica P&C Ins Co $1,155 19.9% 3,566
Ameriprise Ins Co $3,502 14.9% 9,724
Utica Mutual Ins Co $317 11.9% 1,678
Utica National Ins Co of Texas $1,616 11.6% 8,066
Country-Wide Ins Co $19,068 10.7% 55,967
Maidstone Ins Co $2,110 9.9% 9,309
Cincinnati Ins Co $1,382 9.9% 6,121
CSAA General Ins Co $1,215 9.9% 9,660
Maidstone Ins Co $209 9.2% 998
Amica Mutual Ins Co $7,343 8.7% 47,498
Nationwide Affinity Ins Co of America $12,980 8.5% 66,968
Old Dominion Ins Co $1,774 8.4% 17,338
AIG Property Casualty Co $1,641 6.3% 5,096
Citizens Ins Co of America $86 5.0% 659
Electric Ins Co $481 5.0% 6,250
Hanover Ins Co $10 5.0% 67
Main Street America Protection Ins Co $1,050 5.0% 15,608
Massachusetts Bay Ins Co $44 5.0% 356
Mercury Casualty Co $627 5.0% 8,574
Utica National Ins Co of Texas $778 5.0% 9,317
Utica Mutual Ins Co $184 4.8% 2,935
Nationwide Ins Co of America $2,018 3.4% 24,354
Esurance P&C Ins Co $568 2.5% 11,430
Metropolitan P&C Ins Co $267 1.0% 19,509
Metropolitan Casualty Ins Co $434 0.8% 25,869
State Farm Fire and Casualty Co $174 0.1% 69,441
State Farm Mutual Automobile Ins Co $1,567 0.1% 1,196,866
Metropolitan Group P&C Ins Co $1 0.0% 77
Pacific Employers Ins Co $0 0.0% 3,630
Preferred Mutual Ins Co -$32 -0.1% 47,318
GEICO General Ins Co -$14,913 -0.6% 537,206
Government Employees Ins Co