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 Driving on the Left in the U.S. Virgin Islands
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Seen in Insurance Journal: Overall, Fitch said it expects the new system will benefit both consumers and the marketplace. “Consumers will benefit the most from a wider choice in carriers, innovations in coverage and lower rates for the average consumer,” Fitch says. However, Fitch maintains that Massachusetts insureds would benefit even more if underwriters were permitted to [...]
…well, almost. Seen in Insurance Journal: The new managed competition auto insurance system being implemented in Massachusetts rewards many bad drivers and penalizes many good drivers based on certain supposedly-prohibited social factors, according to the latest charges by critics. Many good drivers will pay more and many bad drivers will pay less under managed competition because premium [...]
It looks like the drought of players in the Massachusetts personal auto insurance marketplace might be ending. Progressive (PGR) appears to be entering the fray, according to Insurance Journal: Progressive Insurance said it plans to begin selling personal auto insurance in Massachusetts starting May 1 if state regulators approve the company’s rate filings, which it [...]
Insurance Journal has an article posted discussing Commissioner Burnes’ approving rate filings by Commerce and Safety over Attorney General Coakley’s protests. Quoting IJ: Burnes dismissed the AG’s entire analysis, ruling in favor of the insurers on each provision. Burnes suggested that while the AG’s approach might have worked under the previous fix-and-establish system, it was irrelevant under [...]
Monday was the deadline for insurers to amend their rate filings ahead of the gradual deregulation of personal auto insurance in Massachusetts. Summaries of the revisions can be found at Insurance Journal and in the Boston Globe (here and here). For the most part, the revisions seem like modest tweaks to [...]
Insurance Journal has an initial summary of the first round of rate filings submitted for Massachusetts’ managed competition deregulation scheme: According to rate filings submitted to the state by insurers on Nov. 19, from 70% to 80% of all drivers should see rate decreases beginning in April 2008 when the new managed competition system goes into [...]
With the faint scent of the promise of future deregulation wafting through the Massachusetts personal auto insurance market, it seems that insurers are starting to prime the pump of policy bells and whistles, according to the Boston Globe: Starting Jan. 1, Liberty will begin offering its 200,000 customers who have collision coverage better car replacement and [...] |
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