AllState rethinks rate hike petition

Officials say Allstate Property and Casualty Insurance Co. will temporarily withdraw its petition seeking a 65 percent increase hike in Mississippi, according to The Associated Press.

The company’s decision came Jan. 8, a day after Mississippi Insurance Commissioner Mike Chaney rejected Allstate’s request.

Allstate spokeswoman April Eaton says the company will evaluate and address Chaney’s concerns. She said another request would be resubmitted in the future.

The company’s initial petition would have raised rates for 51,000 homes statewide. Chaney had said the increase was not justified.

Eaton said Allstate asked for the increase to cover costs associated with more frequent claims from fires, burglaries, water damage and liability.