INDIANAPOLIS (November 20, 2024) – Erin Collins, senior vice president of state and policy affairs for the National Association of Mutual Insurance Companies, made the following statement about the DC Department of Insurance, Securities and Banking auto market report released this week:
“Insurers compete for business by matching the rates they charge to the risk a policy represents, which empowers consumers to choose a policy that best meets their individual needs. Insurers use actuarial science to assess risk, which promotes fairness and improves pricing for all consumers. The race of a policyholder is not a factor in offering or pricing coverage.
“Even with flawed methodology, the study simply does not support the idea that groups in protected classes are subject to unfair discrimination.
“NAMIC encourages DISB to focus on ways to enhance competition among insurers and strengthen the District’s insurance market rather than pursue steps unsupported by its own research.”
