March 24, 2005

Mich. DOI study finds competition doesn't equal affordability; insurers say losses driving rates

A report on a study about the effect of competitiveness in the state insurance market in Michigan mentions that the study was "prepared by economist George Galster of the Center for Urban Studies at Wayne State University." The report, according to the state Office of Financial and Insurance Services, indicated that, although there are areas of Michigan that have excessive rates, the rates statewide are not excessive because the law says that the only measure of "excessive" is whether competition exists.

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