Rick Snyder on Local Issues

Reform no-fault auto insurance: We have largest claims in US

About auto insurance. In terms of no-fault, in terms of claims coming in, the severity of claims, we far exceed every other state in how expensive our claims are. The average claim in Michigan is $44,000. The next two states are $17,000 and $10,000. That leads to high auto insurance costs for our citizens.

It's time for some reforms, folks. And, the two reforms I am talking about are first we should reform no-fault. It is time to do that in a thoughtful way. The second one is in the area of insurance fraud. We should create an Insurance Fraud Authority to address issues there, so that we can bring benefits to our citizens.

The insurance industry and the financial service industries continue to be more and more important in Michigan. Because of that, I have signed an Executive Order to create the Department of Insurance and Financial Services and I think it's a great opportunity.

Source: 2013 State of the State Speech to Michigan Legislature , Jan 16, 2013

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Page last updated: Apr 25, 2013