Thursday, January 20, 2005

An insurance windfall

Apparently the bloated car-insurance rates in PA and particularly in Philadelphia are due for some downward adjustment after an audit of the system.
The study by the Department of Insurance "will translate into at least $120 million in auto insurance premium savings for Pennsylvania consumers over the next few months," Rendell said at a news conference in Harrisburg.

State regulators said a disproportionate chunk of the savings will go to drivers in Philadelphia, where, according to Deputy City Solicitor Andrew Ross, rates had remained excessive even though insurance payouts had fallen.
This is a bit of a coup for Rendell, who pushed for a review of insurance rates while he was still Philly Mayor. Also, they intend to push it a bit further, especially with regard to the excessive disparity between city and suburban rates.
In a related development yesterday, Rendell announced that the insurance department had created a Consumer Liaison Office, and introduced Cindy Fillman, 38, as its first head.

Fillman said her new role was "to take it up a notch" in fighting for Pennsylvania insurance consumers.

Philadelphia's five-year campaign for lower rates "took too long," she said.
All sounds good to me!

(via staff researcher RSM)


Post a Comment

<< Home