Miss. Denies Allstate Bid for 65 Percent Rate Hike

Miss. Denies Allstate Bid for 65 Percent Rate Hike

Mississippi officials have rejected a request from AllState Property and Casualty Insurance Co. to more than double insurance rates for 51,000 homes statewide.

Mississippi Insurance Commissioner Mike Chaney sent the rejection order Thursday after specialists reviewed the request and found a 65 percent increase was not justified, said Mark Haire, deputy insurance commissioner.

“They filed for a 59 percent increase to the base rate, but the total rate level impact, as listed in their filing, is 65.1 percent,” Haire said.

AP via ABC News
1/7/10