California is continuing its efforts to reduce the cost of forced-place insurance, pressuring QBE Insurance Corporation to reduce its rates by 35 percent effective March 15.
At the same time, California Insurance Commissioner Dave Jones said a second insurer, Great American Assurance Company, has also reduced its forced-place insurance premiums by 28 percent in its Mortgage Protection Insurance Program.
The QBE rate reduction will result in an estimated $19.4 million savings policyholders, with an average savings of $626 per policyholder annually, Jones said.
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