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Emergency Rate Hike Will Increase System Costs by at Least $163 Million

By J. Todd Foster (Reporter)

Tuesday, January 2, 2018 | 454 | 0 | 0 min read

The Insurance Department’s approval of a 6.06% rate increase stemming from the state Supreme Court’s Protz decision will raise system costs by at least $163 million, the state rating bureau says. The rate hike nearly negates a 6.2% loss cost decrease that the Insurance Department approved last March, Insurance Federation of Pennsylvania President and Chief Executive Officer Sam Marshall said. The emergency rate increase is the largest in decades and the first one ever done mid-year, bringing added focus on the insurance industry’s push for a legislative remedy to the Protz ...

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