Insurance industry giants GEICO & Allstate are raising their premiums in 2015. GEICO will boost auto premiums due to underwriting results a decline in the 1st quarter of this year. A GEICO representative stated that the company experienced increases in the frequency & severity of claims. In it’s most recent SEC filing the company said, “As a result, we are implementing premium rate increases as needed”. Another one of the largest home/auto insurance carriers Allstate are also raising their premiums despite first quarter profits grew 13%, auto coverage plunged 48%. Chief Executive Officer Tom Wilson was quoted saying, “There are more accidents now over the last couple of years than there have been because economic activity has gone up and more people are driving. We and other people have been raising our rates to account for that.” For more detailed information & statistics about the premium increases please read article from insurancejournal.com
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