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Nation's Largest Insurer Entering Mass. Market

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Jul 12, 2008 2:41 pm US/Eastern

Nation's Largest Insurer Entering Mass. Market

BOSTON (AP) ― The nation's largest insurance company will soon be doing business in Massachusetts.

The decision by American International Group is a sign that the state's newly deregulated auto insurance market is having early success becoming more competitive.

New York-based AIG is the largest of four insurance companies now planning to enter the state market.

Insurance Commissioner Nonnie Burnes told The Boston Globe she expects more companies to follow once existing companies have success.

For 30 years, Massachusetts auto insurance rates were set by regulators, limiting the variety of policies and discounts.

Under the new "managed competition" system, installed in April, the companies set their own rates, which are subject to state oversight.

The change aimed to lower costs for drivers by attracting more companies to the state.

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