On the Nov. 15 assembly of the Activity Power on Reasonably priced Auto Insurance coverage, I misspoke about auto insurance coverage charges as a result of mistaken data was given to me in preparation for the assembly.
In 2020, personal passenger auto insurance coverage charges decreased by -4.1% as a result of individuals had been driving fewer miles and there have been fewer crashes through the pandemic. For the primary 10 months of this 12 months, automotive insurance coverage charges elevated by +0.7% because of the rise in miles pushed because the pandemic waned.
These modifications out there had been largely pushed by filings from State Farm, Louisiana’s largest auto insurer, as a part of the corporate’s nationwide adjustment in automotive insurance coverage charges through the pandemic. In June 2020, State Farm was authorised for a fee lower of -9.6%. In January, State Farm took almost half of that lower again when it was authorised for a rise of +4.3% as miles pushed went again up.
The purpose of my testimony on the assembly stays the identical: The tort reform that took impact in January has to date had no impact on fee will increase or fee decreases, as I’ve said on a number of events.
Louisiana insurance coverage commissioner