North Carolina insurance companies have requested a statewide average 22.6 percent increase in automobile insurance rates.
The North Carolina Rate Bureau, which represents the automobile insurance companies in the state and is not a part of the Department of Insurance, filed the request with the Department on Monday. The insurance companies requested that the rates take effect on Oct. 1.
State law gives the Commissioner of Insurance 60 days to review the rate request to determine if the increase is justified based on the data submitted.
If Insurance Commissioner Mike Causey does not agree with the requested increase, he and the Department of Insurance can negotiate a settlement or call for a hearing.
Settlements have been reached on automobile rate filings in the past. If the case goes to a hearing, a hearing officer would make a ruling on the request.
This rate filing follows a February 2023 filing in which the insurance companies requested a statewide 28.4 percent increase. That filing resulted in a settlement of an overall average 4.5 percent increase per year for two years.
