Unrentabel DEL. The market for automobile insurance face reduced competition
Even after the investment is considered as income, private insurance underwriting automobile transport in Delaware has been profitable for the last five years, according to a study by the Property Casualty Insurers Association of America.
The main reason for these poor financial results - and to pay consumers are among the highest average auto insurance premiums in the nation - that the average cost of injury and body protection (PIP) claims in the Delaware is more than 50 percent higher than the average cost of such a request in neighbouring countries, the report said.
This uniformity of high standards, combined with a regulatory environment that insurers obtain limits their ability to adjust prices or factors effective sign and evaluate, many insurers require them to think twice before doing business in the Delaware or expanding its operations in the state.
“Of course, Delaware, the market for auto insurance is not attractive for insurers at the moment,” said Richard Stokes, regional director of PCI, whose companies memebr sign nearly 40 percent of the nation’s of auto insurance policies.
PCI uses the study argue for a relaxation of rules on pricing and the use of credit scoring.
“But the state legislature can be a more competitive market by laws that allow insurers greater flexibility in the prices of their products. Legislature can also play an important role by filtering efforts rejection of the insurer, wrongly, the effective use of technical factors, such as credit history, to provide automobile insurance lowest rate of VAT on the majority of its customers. New Jersey adopt similar legislation in the years 2003 and this state has seen an influx of new businesses on the market offer consumers greater choice of products at a lower cost. ”
The PCI-study showed that insurers paid out claims of $ 105.30 for each $ 100 of premiums in 2003, significantly higher than in Pennsylvania, Maryland and Virginia. Such losses are common, while the national average, Delaware’s auto premium is higher than in a neighbouring country - $ 907, compared to $ 625 in Virginia and $ 837 in Maryland, in the study.
In addition, Delaware, 100 to 200 less than auto insurance writers neighbouring countries, such as Maryland, Virginia and Pennsylvania. During 2003, the insurer of the State 278 compared to 381 in Maryland, 470 in Pennsylvania and 413 in Virginia.
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