State Insurance Commissioner Mike Chaney says he’s concerned about how the disturbing trend might impact insurance rates, and is working to minimize the pain on Mississippi motorists.
“We estimate and what we’re being told by the industry is that we’re looking at something between 10 and 20 percent, or even higher, in automobile insurance increases. What we’re doing at the insurance department is calling companies in and having a dialogue to make certain that we don’t have these staggering increases. I have five rate increases on my desk. I have not granted any of them and don’t plan to grant what they’ve asked for,” said Chaney.