|
|
Article: State Farm auto rates on rise; Second hike since August in store as medical costs escalate.(News)
- Article from:
- Crain's Chicago Business
- Article date:
- December 15, 2008
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: STEVE DANIELS
State Farm Insurance Cos. is hiking auto rates in Illinois for the second time in four months, as claim payments escalate.
The Bloomington-based company will impose a 3.2% increase effective Dec. 29, a spokeswoman says. That follows a 3% jump in August, State Farm's first boost for Illinois auto policies in five years. State Farm has raised auto rates by more than 1% in 16 other states this year, in step with hikes made by other insurers.
A spokesman says State Farm's liability payouts climbed as catastrophe losses and medical costs surged. That contributed to widening underwriting losses after a series of rate cuts in ...