La. Okays State Farm Auto Rate Increases

The Louisiana Insurance Rating Commission approved automobile insurance rate increases for State Farm Group that were less than those originally requested by the insurer.

According to A.M. Best regulators approved a 14 percent increase for State Farm Mutual Automobile Insurance Co., which provides coverage for about 91 percent of the company’s 1.05 million auto insurance customers. The remainder of State Farm’s auto customers mostly high-risk drivers, are covered by State Farm Fire & Casualty Co., which received approval for a 19 percent rate hike.

State Farm originally sought a 16 percent rate hike for State Farm Mutual and a 20.9 percent increase in rates for State Farm Fire & Casualty customers.