Mississippi Farm Bureau Casualty Company Rate Reductions Approved
From: Mississippi Insurance Department Filed 9/10/07 GCN
Jackson * In a step seen to indicate further stabilization of the Mississippi insurance market, Commissioner of Insurance George Dale announced today that he has approved two rate filing reduction requests filed by Mississippi Farm Bureau Casualty Company.
Through its Homeowner Program, the company will institute a 3% premium reduction. A Dwelling Program will see an up to 4.3% reduction in premiums. Both premium reductions go into effect November, 1, 2007. The new reductions will carry some restrictions in the six coastal counties; however, the company will continue to allow wind coverage to be added to existing business in George and Stone counties if certain underwriting criteria are met. Mississippi Farm Bureau Casualty policyholders are urged to contact their agent for the specifics of the new premium rates and how those changes will affect their individual policy.
"I see Mississippi Farm Bureau Casualty's filings as another positive sign of the beginnings of the slow stabilization of insurance rates in the state that I have predicted. As we continue to have a relatively quiet hurricane season and move further away from Katrina, I expect to see more and more companies filing for rate reductions. While the premium rates and the market are far from where I would like them to be, this is an excellent first step," said Commissioner George Dale.
Dale added that the Mississippi Insurance Department continues to work daily in getting companies to pay outstanding Katrina claims and to encourage more and more companies to write business in the state.