Harrisburg, PA – The Pennsylvania Insurance Department (PID) announced today that it saved Pennsylvanians $227.9 million after blocking proposed property and casualty (P&C) insurance premium increases from taking effect in 2025. PID’s actions to prevent excessive increases will help keep insurance more affordable for Pennsylvanians.
“Our rate review process is designed to make sure Pennsylvanians have access to quality insurance products at fair prices” said Pennsylvania Insurance Commissioner Michael Humphreys. “Blocking unfair rate increases takes constant, detailed work, and that’s exactly what PID does. Our team reviews thousands of complex filings each year to make sure consumers are protected and treated fairly. These filings can be thousands of pages long and use a wide variety of variables to price products that may range from past claims history to an insured’s education level that require detailed review. We won’t stop working to shield Pennsylvanians from unnecessary costs.”
P&C insurance (personal auto, homeowners, renters and flood insurance) protects individuals and businesses from financial losses related to their property, such as damage to physical assets, accidents, or negligence claims. Insurance companies must file their proposed rate changes with PID before the rate changes take effect. PID’s work on P&C rates is continuous and year-round. Insurance companies file new or revised rate requests throughout the year, and each filing must be reviewed independently. PID staff examine these filings to see if the proposed increases are justified, accurate, and fair to consumers. PID often works with insurers to revise or resubmit filings, provide additional data, or lower requested increases before approval is considered.
Through the rate review process in 2025, PID saved consumers from:
- $103.6M in title insurance premium increases;
- $91M in personal auto premium increases;
- $16M in homeowners/dwelling fire premium increases;
- $11.2M in personal umbrella premium increases; and
- $6.1M in other types of P&C insurance premium increases.
PID’s rejection of $103.6M in proposed title insurance premium increases will help more Pennsylvanians afford homes by containing growing costs while positively impacting the housing market for years to come.
PID reminds Pennsylvanians to periodically check in with their insurance company or agent to review their coverage. Pennsylvania's insurance market is competitive with more than 1,200 insurers, so these reviews help consumers explore their options such as raising their deductible to lower monthly costs or updating their coverage during life changes (like if their driving habits are different now).
Pennsylvanians should keep in mind that it can take up to 60 days after policy issuance for an insurance company to finish underwriting a new policy. PID recommends weighing the pros (like lower costs or better benefits) and cons (like losing some protections) before switching or staying with their current plan.
Pennsylvanians can visit the PID website for tools and resources to help understand the different types of insurance and to make informed decisions through every stage of life.
Pennsylvanians with questions about their insurance or who need to submit a complaint should visit pa.gov/consumer or call 1-866-PA-COMPLAINT (1-866-722-6675).