Topics Related to Insurance Rates

Insurance Commissioner Mike Causey announced today the North Carolina Rate Bureau has requested a 24.5% statewide average increase in homeowners' insurance rates to take effect August 2021. The NCRB is not part of the N.C. Department of Insurance but represents companies that write insurance policies in the state.

The Department can either agree with the rates as filed or negotiate a settlement with the NCRB on a lower rate. If a settlement cannot be reached within 50 days, the Commissioner will call for a hearing.

North Carolina Insurance Commissioner Mike Causey is working with insurance companies so they can provide financial assistance to consumers during the COVID-19 health emergency. Many automobile insurers are announcing rebates and discounts due to the “Stay at Home” order, but, by law, rebates are not allowed in North Carolina and discounts must be filed in advance with the Department for approval.  As an alternative, the Commissioner has developed a filing mechanism that will quickly allow companies to legally offer discounts to help their policyholders.

Insurance Commissioner Mike Causey today announced that the North Carolina Rate Bureau has filed notice with the NC Department of Insurance asking for a statewide average increase in homeowners insurance rates of 18.7 percent for 2018. The NC Rate Bureau represents the homeowners insurance companies in the state in asking for this increase.

Insurance Commissioner Mike Causey announced the signing of a settlement agreement with the North Carolina Rate Bureau in response to the Rate Bureau's Feb. 1, 2017, request for a 13.8% increase in auto insurance rates. The North Carolina Department of Insurance agreed to a lower average increase of 2.2% - a savings of more than $1 billion for NC consumers over two years.

Officials at the North Carolina Department of Insurance today released a notice of hearing in the 2017 auto insurance rate case, in which the North Carolina Rate Bureau requested a 13.8 percent average statewide increase in auto rates. The notice schedules a hearing beginning Sept. 11, 2017, at 10:00 a.m. at the Department of Insurance, located now in the Albemarle Building in downtown Raleigh.

Insurance Commissioner Mike Causey today announced that the Department of Insurance has received the annual auto insurance rate filing from the North Carolina Rate Bureau. The Bureau, which represents the auto insurance companies in the state, requested an overall statewide average increase of 13.8 percent for 2017.

This rate filing is the first auto rate filing the Department of Insurance has received from the Rate Bureau since 2009. The last auto rate increases occurred in 2001 and 2002 but were wiped out by the rate decrease that occurred in 2003.

Insurance Commissioner Mike Causey announces the N.C. Rate Bureau has elected to withdraw the rate filing made on Nov. 30, 2016, which would have seen an increase of +19.6% average in North Carolina.

The rate filing was reviewed by Department of Insurance experts who discovered data issues that needed to be resolved before the filing could move forward. The N.C. Rate Bureau elected to withdraw the filing.

The North Carolina Rate Bureau has requested the N.C. Department of Insurance increase homeowners' insurance rates 17.4 percent effective Oct. 1, 2019. The N.C. Rate Bureau represents the state's insurance companies and is a separate entity from the N.C. Department of Insurance.

The Rate Bureau attests the increase is needed to cover increased losses, hurricane losses and the net cost of reinsurance.

N.C. business owners may soon enjoy lower operating costs. On October 19, Insurance Commissioner Mike Causey approved an average 17.2 percent rate decrease for workers’ compensation insurance to be effective April 1, 2019

"This rate decrease should serve as an economic boon to the state’s small businesses," said Commissioner Causey. "I am pleased to approve the North Carolina Rate Bureau’s request for lower rates because it will ultimately put more money in the pockets of business owners and our consumers."

Insurance Commissioner Mike Causey announced today the N.C. Department of Insurance has ended its legal dispute with the North Carolina Rate Bureau on its proposal for an 18.9 percent dwelling insurance rate increase. Commissioner Causey has negotiated an almost 14 percent lower rate for an overall statewide average increase of 4.8 percent.