Insurance Commissioner Thomas R. Sullivan announced today that Connecticut continues to see favorable trends in auto insurance premiums. According to the 2005/2006 auto insurance database report published by the National Association of Insurance Commissioners (NAIC), Connecticut policyholders saw an average premium decrease of 1.5% for 2006 over 2005. The data illustrates that the competitiveness of the marketplace has had a positive impact on the residents of Connecticut.
"I am very pleased that Connecticut policyholders have benefited from the highly competitive market we have in this state," said Commissioner Sullivan.
The news is even better for Connecticut residents when you look at the 4- year trend from 2002 to 2006. In Connecticut, the average premium combining collision, comprehensive, and liability coverages rose just 1.6%, while the national combined average premium increased 4.5%, and the Consumer price index increased nearly 12%, during the same period.
"The number of companies in our auto insurance market continues to grow, and Connecticut residents continue to reap the benefit of competition," Sullivan said.
A sample of the report is posted on the Pressroom page (http://www.naic.org/press_home.htm) of the NAIC Web site. The complete, 247-page report also is available for purchase via the NAIC Store (http://www.naic.org/store_home.htm). Consumers interested in learning more are encouraged to v isit the Insurance Department Web site at www.ct.gov/cid, or call toll free 1-800-203-3447, or direct at 860-297-3900 for more information.
ABOUT THE CONNECTICUT INSURANCE DEPARTMENT
The mission of the Connecticut Insurance Department is to serve consumers in a professional and timely manner by providing assistance and information to the public and to policy makers, by regulating the insurance industry in a fair and efficient manner which promotes a competitive and financially sound insurance market for consumers, and by enforcing the insurance laws to ensure that consumers are treated fairly and are protected from unfair practices.
