The country's second-largest auto insurance company announced this week that it intends to enter the Massachusetts market beginning in November.
Since it became the last state in the country to deregulate its auto insurance market last year, 11 insurance companies have re-entered the market to sell Massachusetts auto insurance, according to Massachusetts auto insurance commissioner Nonnie Burnes.
The filing this week by the 11th insurance company to enter the state "further demonstrates that managed competition is working and Massachusetts consumers are reaping the benefits of automobile insurance reform," Burnes said.
The latest insurer to enter the market said Massachusetts' deregulation has made the insurance market more competitive.
The recent changes set a new direction, the company said, giving insurers greater flexibility in how they serve customers and compete for business in the market.
Kevin Johnson, an independent insurance agent outside of Boston, said insurance regulations kept many companies from offering business in the state, according to a report from Bloomberg.
"It is good news for the consumer," Johnson said, according to Bloomberg.
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