MEDIA RELEASEJANUARY 18, 2012
FOR IMMEDIATE RELEASE
CONTACT: Jim Harrington, 617-557-5538
AUTO INSURANCE COMPETITION A BIG SUCCESS IN BAY STATE
Trade Group Hails Report by National Insurance Regulator Group
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.
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