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Michigan’s PIP reinsurer raising rates 21%

by R.J. Lehmann on March 20, 2012 · View Comments

The Michigan Catastrophic Claims Association will raise premiums to $175 per insured vehicle effective July 1, in part to offset an estimated $2 billion deficit.

Michigan’s public employees’ pension system is picking up the tab for a failed movie studio because of ill-fated guarantees designed to bring business to the Wolverine State.

Ohio lawmakers should think twice before banning the use of credit information in insurance rate-setting and underwriting.

A new report from the Insurance Research Council finds three states — New York, Florida and Michigan — driving growth in PIP insurance claims.

A combination of unlimited PIP benefits, higher-than-usual medical costs and widespread fraud have left the state’s auto insurance rates the most expensive in the nation.

Price controls are bad policy. But when fundamental market structures are lacking, sometimes lawmakers and regulators must choose among imperfect options as they move slowly toward reform.

Michigan could benefit by following Pennsylvania’s lead in forming a public-private partnership to crack down on insurance fraud.

Auto insurance will be one of the key issues that Michigan legislators will face in the upcoming legislative session. Michigan’s unique auto insurance system provides limitless coverage for injuries that occur during auto accidents, but also has created a system plagued by high rates and fraud. In a new article published in the Detroit News, [...]

Center on Finance, Insurance and Real Estate Director Eli Lehrer on the benefits of slashing crop insurance subsidies.

Center on Finance, Insurance and Real Estate Director Eli Lehrer wonders if some Michigan auto insurers or their agents are intentionally encouraging registration fraud.

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