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American International Group Inc. subsidiary, Private Client Group, has submitted rates and is very close to completing the approval process, said Kimberly Haberlin, spokeswoman for the Massachusetts Division of Insurance.
Haberlin said the insurer currently offers homeowners insurance and will now offer auto coverage to these policyholders.
Vermont Mutual Insurance Group also plans to sell auto insurance in the fall. AIG and Vermont Mutual join Peerless Insurance, of the Liberty Mutual Group, and Progressive as new companies to enter the market since Massachusetts switched to a "managed competition" rate system beginning in April. Progressive began selling policies from its Web site in May.
"If you look at the fact that since we started the new system in April, four new insurers have entered the market -- that certainly is a positive sign," Haberlin said. "We are hoping that as time goes on, Massachusetts becomes a more attractive market and more insurers so savings can be passed to consumers."
One can expect more regional and national writers to enter the Bay State as competition accelerates, according to an A.M Best special report released in March that analyzes the state's auto market. Initial indications are that residents are eager to shop for potential savings.
For 30 years, auto rates had been set by the state insurance commissioner. Rates are now submitted for approval by Insurance Commissioner Nonnie Burnes. Her office has said that it expects responsible Massachusetts drivers to save at least 10% on 2008 auto premiums.
Haberlin said she would describe interest from other insurers as "strong." The insurance office regularly receives calls to find out more about the auto market, she said.
American International Group currently has a Best's Financial Strength Rating of A+ (Superior). Vermont Mutual Group has a Best's Financial Strength Rating of A (Excellent).
(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)
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