California commissioner approves State Farm rate cuts

California insurance commissioner Dave Jones has approved rate
reductions for several of US carrier State Farm's commercial
policies following a review of requested price hikes.
In a statement released yesterday, Jones said a review of the
filings, prompted by complaints from consumer advocacy group
Consumer Watchdog, had resulted in rate reductions that delivered
customer premium savings of around $17mn.
State Farm requested a $73mn increase in its home and rental
insurance rates from 15 July l