HARRISBURG, PA — The Pennsylvania Insurance Department (PID) has saved consumers $98.3 million in annual property and casualty (P&C) insurance premiums in the first half of 2024. This initiative is part of the Shapiro Administration’s ongoing effort to ensure affordable insurance coverage for all Pennsylvanians.
“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 submit their proposed rate changes for review by PID’s actuarial staff before any changes can take effect. PID then either approves, approves with adjustments, or disapproves the proposed rate changes. Most of the savings, a substantial $77.2 million, have come from personal auto insurance premiums where PID staff required reductions in proposed rate changes and/or assumptions.
The Department has seen a surge in requests for rate increases in recent years. PID attributes this largely to inflationary factors, including the rising costs of new and used vehicles, the expense of repairing or replacing safety technology features or parts in vehicles, and the increased value of homes.
Consumers with questions about their insurance or those who need to file a complaint may contact the Insurance Department’s Bureau of Consumer Services at 1-877-881-6388 or online.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.