Carrier Filings Follow Direction of Rate Decisions

Pure premium filings with the California Department of Insurance show carriers are generally following the insurance commissioner’s lead when it comes to lowering rates. But while carriers are reporting pure premium rate reductions, the size of the cuts carriers are adopting don’t always match the cut to the advisory rate. About 85% of the 173 pure premium rate filings submitted through August were for decreases, with an average reduction of 8.8%. Reductions ranged from a high of 40.5% to a low of 0.2%. Another nine filings reported no change, while 17 filings reported incre...