from Pennsylvania Insurance Department
Photo courtesy of Alexander Grey on Unsplash
Pennsylvania Insurance Commissioner Michael Humphreys announced on Thursday, July 18, that the Pennsylvania Insurance Department (PID) has saved consumers $98.3 million in annual property and casualty (P&C) insurance premiums in the first six months of 2024 through its review of insurance company rate filings. This initiative upholds the Shapiro Administration’s continued commitment to ensuring all consumers are offered affordable options when it comes to insurance coverage.
“Protecting Pennsylvania’s insurance consumers is a top priority for Governor Shapiro and the Department. During our analysis of rate filings, we utilize all the tools at our disposal so that we can make sure Pennsylvanians are provided with affordable insurance options for their cars, homes, and properties,” said PID Commissioner Michael Humphreys. “This rate review process helps keep hard-earned money in Pennsylvanians’ pockets. PID encourages all consumers to shop for coverage so that they can ensure they’re purchasing the coverage that fits their needs, at a price they can afford.”
PID regulates insurance products to ensure that rates are not excessive, inadequate, or unfairly discriminatory. Insurance companies must file their proposed rate changes for review by PID actuarial staff before the rate changes take effect. PID then either approves, approves with adjustments, or disapproves the proposed rate changes. The vast majority of these savings, or $77.2 million, have been in personal auto insurance premiums, where PID staff required reductions in proposed rate changes and/or assumptions.
The Department has received a significant volume of requests for rate increases in recent years, which PID attributes largely to various inflationary factors, including the increased cost of new and used vehicles, rising costs to repair or replace safety technology features or parts in vehicles, and the increased value of homes.
Consumers who have a question about their insurance or need to file a complaint may contact the Insurance Department’s Bureau of Consumer Services at 1-877-881-6388 or online.
