Connecticut's Insurance Department (CID) has identified dozens of personal auto and homeowners rate filings that include premium decreases for some policyholders. It is an early sign of relief in a market where affordability has been under strain.
The department’s review found 19 personal auto filings from 14 insurers and 19 homeowners filings from 16 insurers that included rate decreases for certain consumers.
“Connecticut families continue to face challenges with insurance affordability, so it’s encouraging to see filings that include rate decreases for some policyholders,” said Insurance Commissioner Josh Hershman. He said the department would keep working to ensure rates are actuarially justified and reflect the risks being insured.
In personal auto, insurers filing decreases for some drivers included State Farm, Travelers, Liberty Mutual, Farmers, Hanover and Utica.
Farmers Casualty Insurance Company reported the largest average decrease highlighted by the department, about 14%. Two affiliated State Farm companies reported an overall average decrease of about 8.4%. A Liberty Mutual Personal Insurance Company filing showed an average decrease of about 6%, affecting about 11,500 policyholders.
In homeowners insurance, Liberty Mutual and its affiliates reduced rates by about 5% for more than 30,000 policies. Nationwide, Merrimack and Utica also filed decreases.
The department stressed that rate changes depend on the insurer, the coverage and individual rating factors, so not every policyholder will pay less.
The Connecticut filings reflect a wider shift in personal lines. After several years of steep rate increases to restore profitability, carriers are now pricing more competitively, especially in auto. Industry forecasts suggest personal auto premium growth will turn slightly negative nationally this year as underwriting margins improve.
For agents, that creates an opportunity. Clients who saw large increases in recent years may now benefit from a remarketing review, particularly in auto, where the cuts are biggest. Because the decreases apply only to “certain consumers,” agents who understand which segments and rating factors are seeing reductions will be best placed to find savings for clients.
Agents should also manage expectations. The department’s message is that relief is selective, not across the board. Clients with recent claims, higher-risk vehicles or homes in more exposed areas may still see increases even from carriers that filed decreases overall.
