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Insurer presses for rate hike
By TOM ZUCCO
Published November 11, 2006
A month after state regulators denied Nationwide's request for a 71.5 percent average statewide increase on its homeowner policies, the company now says it will go to arbitration seeking to increase its rates. Nationwide blamed staggering reinsurance costs for the increase. But regulators argued that the company buys much of its reinsurance from its parent company, and the increase included a 15 percent profit that wasn't justified. Nationwide has about 253,000 policies in Florida, including about 46,000 in the Tampa Bay area. Regulators have also scheduled public rate hearings for Foremost Insurance Co., Foremost Property and Casualty, and United Property and Casualty. The hearings will begin at 10 a.m. Thursday in the Senate Office Building in Tallahassee. The Foremost companies are seeking average statewide rate hikes of 38.5 and 46.9 percent for their mobile home lines, while United seeks a statewide average 88.5 percent increase for its homeowners program.
[Last modified November 10, 2006, 23:47:52]
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