Massachusetts Attorney General Martha Coakley has issued a press release alleging that businesses in the state have been overcharged by nearly $1 billion on commercial auto insurance in the past seven years.
Coakley cited data showing that insurers' underwriting profits were significantly higher in Massachusetts than the national average. She has requested that the Commissioner of Insurance reduce insurance rates so that they comply with a statute forbidding rates that are "excessive" or "unreasonably high."
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According to the AG's letter, "Underwriting profit during the 2004 through 2010 period averaged 18.2% in Massachusetts, nearly three times the countrywide average of 6.8%." Regardless of whether the rates are justifiable, those kinds of figures are going to be tough to overcome in the court of public opinion.
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