We are pleased to announce that California has approved our rate filing that was originally filed in the fall of 2022. Since the state requires matching effective dates for new/renewal business, this rate change will be in place for all business effective 3/15/24 and after.
The overall impact of ≈+33% will be seen as follows:
Although the filing was approved at the indication requested, the stand-alone personal umbrella market in California remains challenging. Therefore, we will continue to require minimum underlying auto limit A (500/500/50 or 500 CSL) on new business for the foreseeable future. As a reminder, this requirement was implemented for new business only effective 10/1/23 and after; renewal business is unaffected.