National Association of Independent Insurers August 8/2003
ALBANY, N. Y. — The New York State Insurance Department has taken an important step toward the stabilization of automobile insurance rates by approving a statewide average rate increase of 19.7 percent for high-risk drivers insured through the state’s Automobile Insurance Plan. The increase takes effect for new business August 15 and for renewals October 1, 2003. “This rate increase for drivers in the assigned risk pool is necessary to help address skyrocketing insurance costs,” said Gerald Zimmerman, assistant general counsel for the National Association of Independent Insurers (NAII). “Unless meaningful reforms are adopted that reduce insurance costs, consumers will continue to see rates increase. In the latest report on state average auto premiums by the National Association of Insurance Commissioners (NAIC), New York displaced New Jersey as the second most expensive insurance marketplace in the country. This trend is symptomatic of a system that is in need of cost controls.”
NAII, based in suburban Chicago, is a leading property/casualty insurance company trade association. Its more than 725 member companies write $112 billion in annual premium, representing 31.2 percent of the nation’s property/casualty insurance.
Contact: Jeffrey Brewer Telephone: 847-297-7800, ext. 651