HARRISBURG, PA — The Pennsylvania Insurance Department (PID) announced it successfully prevented $180.3 million in proposed annual increases to property and casualty (P&C) insurance premiums in 2024. The department’s rigorous rate review process safeguarded the financial interests of residents by rejecting rate changes deemed excessive, inadequate, or unfairly discriminatory.
P&C insurance includes essential coverages such as personal auto, homeowners, renters, and flood insurance, along with protection for businesses against property damage, liability, and negligence claims. Before any new rate adjustments take effect, insurance companies are required to submit their proposals to PID for evaluation. The department’s actuarial team thoroughly reviews these filings to ensure they are reasonable and fair for consumers.
Insurance Commissioner Michael Humphreys emphasized the significance of these efforts, saying, “The significant amount of money PID saved consumers in 2024 is a testament to our commitment of putting Pennsylvanians first. Although we recognize that insurance rates have been increasing year-over-year to account for increases in repair and replacement costs of the items we insure, PID will always aim to keep as much money in Pennsylvanians’ pockets as possible by never approving rates that are excessive, inadequate or unfairly discriminatory.”
The 2024 savings spanned several types of P&C insurance, with personal auto policies making up the largest portion at $119.7 million. Homeowners and dwelling fire insurance policies accounted for $42.9 million in savings, while personal umbrella insurance premiums were reduced by $5.6 million. Additionally, PID blocked $3 million in pet insurance premium hikes and $9.1 million across other various P&C categories.
The Pennsylvania Insurance Department’s proactive measures reflect its ongoing commitment to ensuring fair and justified insurance rates. By keeping unwarranted increases at bay, the department protects consumers from financial strain while maintaining market stability within the insurance sector.
Looking ahead, PID’s actions are expected to build financial confidence for individuals and businesses across the Commonwealth, emphasizing equitable practices and consumer-first priorities.
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