News: 2007 Press Release

SAN FRANCISCO - Today Insurance Commissioner Steve Poizner announced an 18.4 percent homeowners insurance rate reduction by Chubb Group of Insurance Companies (Chubb) that will save Californians approximately $14.5 million annually. Chubb has more than 18,000 policyholders throughout California; 5,000 policies are in the Bay Area, which Chubb defines as San Francisco, San Mateo, and Santa Clara Counties, as well as Lake, Marin, Mendocino, Monterey, Napa, San Benito, San Joaquin, Santa Cruz, Solano, Sonoma, and Yolo Counties.

"I am pleased to announce that Chubb is voluntarily passing along savings to its policyholders," said Commissioner Poizner, standing with a Redwood City homeowner and Chubb consumer. "This rate reduction speaks well of California's vibrant property insurance marketplace, and Chubb is an excellent example that insurers can both serve its customers and operate profitably."

On average, Chubb customers will save more than $800 annually per policy. This reduction continues an industry trend over the last several months of rate filings with the California Department of Insurance (CDI) for homeowner insurance premium decreases. Commissioner Poizner is committed to increasing affordable options for insurance consumers. Last July, he approved a $65.8 million rate reduction for GEICO auto insurance customers.

In May, the Commissioner ordered Allstate to show cause for excessive homeowners insurance rates, and did not preclude demanding refunds for Allstate customers if the CDI determined that Allstate's rates were indeed excessive.

Commissioner Poizner is also expanding the California Low Cost Auto Insurance program (CLCA) statewide. CLCA, created in 1999, provides low-income good drivers with access to affordable liability automobile insurance.