Business Services Industry
New Jersey Approves Auto Insurance Rate Hikes.
Knight Ridder/Tribune Business News, December, 2002
By Randy Diamond, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Dec. 11--Many New Jersey motorists will start the new year with sticker shock.
The McGreevey administration, without any formal announcement, approved rate increases last month for five auto insurers that write policies for more than 1 million motorists, or roughly one of every five in the state.
The rate increases will range from 2.4 percent for Liberty Mutual Fire Insurance Co. to 14 percent for Amica Mutual Insurance Co., the 19th largest insurer. State Farm Indemnity, the state's largest insurer, which has 800,000 policies, was granted a 5.4 percent increase, state banking and insurance records show.
Also granted rate increases were Liberty...
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