Mass. Auto Premiums Show Largest Average
Decrease in Nation Between 2007 and 2009
Regulators Cheer Effects of Competition; R.I. Has Highest Premium in N.E.
KANSAS CITY, MO. — Massachusetts private passenger
automobile insurance premiums showed the largest average decrease in the nation between 2007 and 2009, about
a 12.7% drop, as Bay State regulators cheered the effects of
competition on a formerly tightly regulated marketplace.
“Managed competition helped Massachusetts drivers see
premiums drop at a higher rate than the rest of a country,
a benefit we expected to be part of this reform,” said Joseph
G. Murphy, Massachusetts commissioner of insurance.
“Consumers have a larger choice of company, coverage and
cost under this system, and shopping around for auto in-
surance can maximize those benefits.”
Since the 2008 launch of the competitive marketplace, 13
new companies have entered Massachusetts’ auto market-
place, in addition to the 19 that were here under the old
system. Three of the four largest insurers in the country,
GEICO, Progressive and Allstate, have all entered Massa-
chusetts since then.
continued on page 22
The data came in the National Association of Insurance
Commissioners’ (NAIC) annual report which found that
the average premium from the end of 2007 to the end of
Conning Predicts Premium
Growth in 2012
In This Issue
FAIR Plan hearing
Draws Opposition
4
HARTFORD — 2012 could be a tricky year for insurers, but Conning &
Company’s most recent outlook predicts about 3% to 4% in premium growth,
the highest expectation of the last few years.
Vermont Report
Discusses Flooding
5
Insurers Should Focus
on Products, Innovation
5
The Hartford-based consulting firm said that volatility in the economy, the
underwriting cycle, and catastrophe management, along with low investment
income, would create a difficult performance environment for property-casualty insurers this year.
Spotlight on
homeowners Insurance
8
Standard Answers:
Conflict Resolution
13
“Conning’s 2012 premium growth forecast now stands at three to four percent,”
continued on page 22
Fighting Fraud
17
executive Suite
18
Get The Standard digital edition – online – every Friday.
Send your customer number (found on your mailing label) and
your email address to: digital@spcpub.com to start receiving your
online edition each week.You’ll still receive your printed edition in the mail.
Classifieds
20
Sidelights
23
Standard
Publishing
Corporation
