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Nationwide Insurance stunned state regulators today at a public hearing when it asked for increased profits while seeking to drop 26 hundred dwelling fire policies. The company wants to raise rates an average of 70 percent statewide, with some areas seeing hikes of 90 percent. Regulators also questioned why the company did not include savings from recent changes in state law, why the company buys reinsurance from primarily from its parent company. Deputy Insurance Commissioner Belinda Miller questioned the company’s motives in increasing its profit margin.

“Why all of a sudden do they need a 15% level of profit when in past years they certified… the actuaries certified… that 3.4% produced an adequate rate… an actuarially sound rate.”

Nationwide has until April 6th to submit new information to the state. A decision on the rate hike will be made sometime this month.