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FOR IMMEDIATE RELEASE
New York Press Office: (212) 346-5500; media@iii.org
NEW YORK, September 29, 2014 — The Consumer Federation of America (CFA) misleadingly focuses on price quotes, rather than policyholder expenditures, when assessing U.S. auto insurance coverage affordability.
The CFA is also under the mistaken impression that what a policyholder would like to pay for coverage is relevant to pricing an insurance policy in an actuarially sound manner.
The Insurance Information Institute (I.I.I.) asserts, in the alternative, that actual expenditures convey the true story of U.S. auto insurance coverage affordability while the number, and cost, of actual claims drive the price of auto insurance in every state and community in the country.
The I.I.I. responded in writing after the U.S. Treasury Department’s Federal Insurance Office (FIO) solicited public comments on the issue of U.S. auto insurance availability and affordability earlier this year.
In June 2014, the I.I.I. shared with the FIO its key findings, based on data from the National Association of Insurance Commissioners (NAIC) and the U.S. Bureau of Labor Statistics (BLS).
The I.I.I. has a full library of educational videos on its You Tube Channel. Information about I.I.I. mobile apps can be found here.
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org