SACRAMENTO, CA — California Insurance Commissioner Steve Poizner has ordered another insurer to lower rates in accordance with revised guidelines adopted last year for the state’s Proposition 103.
Fireman’s Fund Insurance Co., based in Novato, Calif., has been ordered to lower homeowners rates about 18%. The decrease must be implemented within 60 days of the order, according to Consumer Watchdog, which has challenged rate filings in California like Fireman’s Fund’s initial request to reduce rates 5.6%.
About 68,000 Fireman’s Fund policyholders are expected to save an average of $512 per year, the consumer group said.
Allstate recently dropped its appeal of a California order to lower its automobile insurance rates by about 16%. The insurer told Poizner they would comply with his order.
Fireman’s Fund currently has a Best’s Financial Strength Rating of A (Excellent).
The top five writers of homeowners multiperil in California, according to A.M. Best Co. state/line product information based on direct premiums written, were: State Farm Group, with a 20.2% market share; Farmers Insurance Group, with
16.8%; Allstate Insurance Group, with 13.3%; California State Auto Group, with 6.7%; and Auto Club Enterprises Insurance Group, with 4.3%.
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