Hiscox submitted a rate and rule filing in Tennessee for its proprietary Businessowners Policy (BOP), introducing updates to loss costs, rating rules, and underwriting factors across property and liability coverages. The filing was submitted on March 11, 2026 and is expected to take effect April 20, 2026 for new business and August 18, 2026 for renewals.

The proposed changes are expected to produce an overall rate impact of about 8.5% for the Tennessee BOP portfolio. Hiscox reported approximately $828,028 in written premium across 692 policyholders in the state, with the filing projected to increase written premium by roughly $70,291.

The rate change is driven primarily by property coverage, where Hiscox selected a 12% rate impact, while liability coverage reflects a smaller 1.9% increase. Actuarial analysis supporting the filing indicates that the overall indicated rate change is significantly higher at about 30.4%, but the company selected a lower adjustment to moderate the impact on policyholders.

According to the actuarial memorandum, the changes reflect loss development trends, claims inflation, and shifts in the company’s book of business toward higher-frequency and higher-severity risks. To supplement limited BOP liability data, Hiscox incorporated broader data from its ISO General Liability program, which includes more than $314 million in in-force premium, to improve credibility in the loss trend assumptions used in the filing.