Any chance of finding the list of those potentially raising their rates?
9 of the top 10 carriers. Progressive is the only one not raising overall rates. Several smaller/regional carriers will be raising rates as well, but some of them that underwrite more conservatively and invest more conservatively did OK, and are now in a position to either hold rates steady or decrease them.
If you look up the financial results for any carrier, that will give you a good idea of who is raising rates. The key number is Combined Ratio (CR). This represents how much they made/lost for every dollar of premium they earned.
- Written premium = how much they were owed/how much they billed.
- Earned premium = how much they collected.
- Combined Ratio = total claim payouts + total claim handling expenses/earned premium
A well run company that underwrites accurately typically wants a CR of .96, meaning they make $0.04 on every dollar of earned premium. Lots of carriers were at 1.05, 1.08, 1.1x, etc. 2nd poor year in a row for some of them, which leaves no alternative but to raise rates.
