Concern over auto insurance is beginning to grow in New Jersey as more insurers announce they are leaving a market that is considered to be the most expensive in the nation.
On June 20, The Newark Star Ledger and Bergen Record reported that New York-based AIG told the New Jersey Department of Banking and Insurance that it would be leaving the state's auto insurance market.
The news followed an announcement by State Farm on June 12 that it, too, had filed a request to leave the state (see NU, June 18, page 1).
AIG, whose New Jersey subsidiary is named American International Insurance Company, would not comment on news reports. However, an AIG representative, Joe Norton, said the company is not disputing the published reports.
