AllState rate hike denied
JACKSON — Officials say the Mississippi Insurance Commission has rejected a company’s request to increase rates 65.1 percent on more than 50,000 homes statewide, The Associated Press reports.
Deputy Insurance Commissioner Mark Haire says the rejection order was sent yesterday to AllState Property and Casualty Insurance Co. of Northbrook, Ill.
Haire said Mississippi Insurance Commissioner Mike Chaney made the decision after specialists reviewed the request and found the large increase was not justified.
The requested increase would have covered 51,097 homeowners.
Haire said AllState has the option of having a hearing on the matter or filing a new request for a lower increase.
Allstate didn’t immediately respond to questions from the AP about its next move.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Deal for Jackson-Orlando flights in works with Allegiant
- Baseball stadium for Farish Street? It’s possible
- State GOP chairman calls on McDaniel to hurry with challenge
- Explosion at Coast fish plant leaves one dead, three injured
- McCarthy hired as CFO of Mississippi Development Authority
- Former Gov. Musgrove pushing lawsuit to school districts
- Guns OK inside Mississippi polling places, attorney general says
- Former state lawmaker Green dies at home at age 62
- White House hotel making comeback in Biloxi
- 'Get on Up' movie premiers in Madison with Chadwick Boseman and Tate Taylor walking the red carpet