- Associated Press - Wednesday, December 2, 2015

BOSTON (AP) - Massachusetts Attorney General Maura Healey says two of the state’s largest homeowners’ insurance companies won excessive and unwarranted rate increases of about 9 percent by taking advantage of last winter’s record snowfall.

The Boston Globe (https://bit.ly/1Pvb1p3 ) reports that Healey’s office found that rate filings from Mapfre (MOFF’-ray) USA Corp. and Safety Insurance Co. put too much emphasis on recent storms, ignoring longer-term trends that are traditionally used to calculate rates. Healey says the companies also requested rates to meet higher profit targets.

Both companies recently implemented average increases of about $100 on the average state premium of $1,150. Healey’s analysis showed that Mapfre should have actually lowered rates this year while Safety’s increase should not have exceeded 3 percent.

Mapfre declined to comment. Safety did not return calls for comment.


Information from: The Boston Globe, https://www.bostonglobe.com

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide