Declarations

Getting Underway

“Even though competition is just getting under way and Massachusetts drivers will realize significant savings now, many more benefits will evolve over time, as new companies enter the market, new products are introduced and companies fight for market share.”

—Vincent Nieroda, president of The Hanover’s Massachusetts personal lines group, announcing the insurer’s rate filings under the state’s new managed competition system for next year.

Less Attractive

“New England has been experiencing slow growth in population and employment. The region has been growing at a rate below the U.S. average and significantly below the growth rates of fast growing regions of the nation, including the mountain states. Of noteworthy concern for region’s economic future are indications that New England is experiencing decline in ‘attractiveness’ to young adults and businesses expanding employment.

—Ross Gittell, James R. Carter Professor at the University of New Hampshire, who serves as a forecast manager for the New England Economic Partnership, which released its Fall 2007 New England Economic Outlook.

Conn. Cycle

“Workers’ compensation is cyclical … and we are now in the middle of where cyclical changes tend to occur.”

—John A. Mastropietro, chairman of the Connecticut Workers Compensation Commission, telling agents that the political conditions that have fostered a stable workers’ compensation market in Connecticut for the past 15 years are showing signs of erosion.

Credit Score

“Credit score is a powerful predictor but it’s not the be-all and end-all for profitability.”

—Michael Christiansen, president, Peerless Insurance Co., asked to imagine if credit scoring was banned in all states.

Well-Represented

“The insurance industry is well-represented already. We need a balanced perspective.”

—Conn. Insurance Commissioner Thomas R. Sullivan explaining why he has named a consumer council that includes trial lawyers and medical society representatives.

Rental Agreement

“When renting a car, many consumers purchase unnecessary insurance and end up wasting money. Meanwhile, other drivers inadvertently underinsure their rental car, placing themselves at risk.”

—NAIC President and Alabama Insurance Commissioner Walter Bell urging consumers to learn about car rental insurance.