Two subsidiaries of Allstate Insurance Company have received approval by the Louisiana Insurance Rating Commission to raise their homeowner coverage rates in the state.
Encompass Insurance Co. of America and Encompass Property and Casualty Co. received permission to increase rates by 12.2 percent for their 8,586 policyholders. Encompass Indemnity Co. received permission to raise rates by an average of 11.8 percent for its 5,410 policyholders.
Kevin Conlee, director of pricing for Encompass, said almost all of the rate increase was generated by higher prices for reinsurance, the insurance that insurers buy to offset their risk.
The vast majority of Encompass policyholders are in southern Louisiana, Conlee said. The largest increase that customers will see is 65 percent. Policyholders in northern Louisiana will see rates fall, he said.
Information from: The Advocate, www.theadvocate.com.
Topics Louisiana Pricing Trends
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