May 11, 2016

DOBI acting commissioner reports on insurance companies in the state

More insurance companies are writing automobile and homeowners insurance in New Jersey now than in recent years, according to Richard Badolato, acting commissioner of the Department of Banking and Insurance.

In testimony before the Senate Budget Committee on May 10, Badolato reported that there currently are 80 companies actively writing auto insurance, compared to 66 only five years ago. He called it an exceptionally strong market that includes nine of the top 10 auto carriers in the U.S.

The acting commissioner also reported that there are 121 companies actively writing homeowners insurance, including the top nine national companies. Of those, 21 are new companies since 2008 in the homeowners market in New Jersey, some of which are focusing exclusively on coastal areas.

Badolato noted that there has been a large increase in standard surplus-lines carriers, with 208 writing, up from 51 in 2012.

DOBI regulates more than 1,400 insurance companies, and recently was accredited by the National Association of Insurance Commissioners for five more years, meeting national solvency standards and having proper statutory authority, expertise and procedures for financial oversight of insurance companies doing business in New Jersey.