Reuters:
Drivers and businesses in most of the United States will have more cash in their pockets in 2007 and 2008 as a result of lower insurance costs, an industry group forecast on Tuesday.
‘Price competition is taking is toll on insurers, but it is a boon for buyers,’ said Robert Hartwig, president of the Insurance Information Institute.
The III, which gathers statistics for the property casualty industry, said that auto insurance expenditures countrywide were expected to fall 0.5% in 2007, the first drop since 1999.
Businesses are seeing price declines of nearly 12%, according to the insurance group, while home insurance costs are flat in many areas and up marginally in others.
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