M E M O R A N D U M
TO: All Insureds
FROM: Anne Macon Smith, Director Insurance Reserve Fund
SUBJECT: Insurance Rates
DATE: December 4, 2017
In April of 2017, the Insurance Reserve Fund (IRF) advised its insureds that rates for all lines of insurance could be increased over a four year period. An actuarial review at that time determined changes were necessary in order to maintain the future financial stability of the Fund.
We anticipate increasing rates throughout the state for all lines of business, except for auto liability and professional liability. We are communicating this now so those working on the budget for next fiscal year are aware an increase is expected.
These changes would be effective for all policies renewing July 1, 2018, and after. We will continue to work with our actuaries on the necessary rate changes and will communicate the rate increase once it has been finalized.
We appreciate your business and look forward to working with you.