Pursuant to a rate filing by State Farm Mutual Insurance Company, Louisiana Insurance Commissioner Jim Donelon announced today that the insurer has filled for a statewide average of -2.6% reduction in premiums
While the rate filing is still pending actuarial review, Donelon confirmed State Farm’s media release regarding the reduction. “As Louisiana’s market leader in automotive coverage, this fourth reduction of -2.6% by State Farm reflects the impact of real competition in the Louisiana auto insurance marketplace,” said Donelon. “Taken together with its three previous reductions, State Farm has requested rate reductions of -10.4% in just over a year, and this is great news for all Louisiana consumers.”
This reduction continues the trend of decreasing premiums by a number of Louisiana’s largest insurers that also includes Progressive and Louisiana Farm Bureau. State Farm’s current reduction, which is pending approval for new and renewing customers, is expected to be implemented by November 25, 2019, and impacts 1,014,960 policyholders.
About the Louisiana Department of Insurance: The Louisiana Department of Insurance works to improve competition in the state’s insurance market while assisting individuals and businesses with the information and resources they need to be informed consumers of insurance. As a regulator, the LDI enforces the laws that provide a fair and stable marketplace and makes certain that insurers comply with the laws in place to protect policyholders. You can contact the LDI by calling 1-800-259-5300 or visiting www.ldi.la.gov.