Trade Group Hails Report by National Insurance Regulator Group
PRESS RELEASE, BOSTON:“The verdict is in and it is remarkable: Since the introduction of competition, consumers in Massachusetts have seen their auto insurance rates decline by the most of any state in the nation,” said James T. Harrington, the Executive Director of the Massachusetts Insurance Federation (MIF.)
“Polling has been clear that competition is very popular with Massachusetts consumers but now we know, too, that industry regulators throughout the country agree that the remarkable decrease by an average 12.7% for auto insurance customers from 2007-2009 leads the nation,” Harrington added.
A recent report prepared by the National Association of Insurance Commissioners (NAIC) shows that average auto insurance premiums declined for Massachusetts consumers by 12.7% vs. an average 1.4% for the nation from 2007-2009. The NAIC report shows that the 12.7% reduction in Massachusetts is the largest of any state in the country.
“There is one reason for this type of result, and one reason only – the establishment of competition in Massachusetts,” Harrington said. “Good drivers are benefitting robustly, which should settle any debate about the merits of managed competition.”
MIF is the largest property and casualty insurance trade association in the Commonwealth, representing companies writing auto insurance for 75% of Massachusetts consumers.
Members of Massachusetts Insurance Federation: Members: Allstate Insurance, Amica Mutual Insurance, Atlantic Charter Insurance, The Chubb Group, CNA Insurance,The Commerce Insurance Company, The Concord Group, Coverys, CUNA Mutual Group, Encompass Insurance, GEICO, The Hanover Insurance Group, The Liberty Mutual Group, MetLife Auto & Home, The Norfolk & Dedham Group, Preferred Mutual, Progressive Insurance, The Quincy Mutual Group, The Safety Insurance Group, The Tower Group, The Travelers Insurance Group, Travelers of Massachusetts, USAA, Zurich North America.
Associate Members: American Insurance Association, National Association of Mutual Insurance Companies,Property Casualty Insurers Association of America, Reinsurance Association of America