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Saturday, 22nd March 2008

Property and Casualty Insurance: A state-by-state analysis of regulatory burden

Property and Casualty Insurance: A state-by-state analysis of regulatory burden
Source: Competitive Enterprise Institute

This report card focuses on homeowners and automobile insurance, the two types of insurance Americans typically are required to purchase. State laws in 46 states mandate the purchase of automobile insurance, and nearly all mortgage lenders require that their clients secure homeowners coverage.

Most consumers (about 60 percent) buy their homeowners and automobile insurance policies from the same company. Nearly all companies that write homeowners insurance also write automobile insurance, and most auto insurers also write homeowners insurance. With a few exceptions—which our ratings consider—states regulate both types of insurance using the same (often identical) processes.

Our ranking focuses on two key questions:

1) How free are consumers to decide what insurance products will meet their needs?

2) How free are insurers to provide products that meet consumers’ real or perceived needs?

+ Full Report (PDF; 109 KB)


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