Insurance Prices and Rate Increases: Delaware, Maryland, Pennsylvania & Virginia

Let's face it – nobody enjoys writing a check to their insurance company. The same goes for that chunk of funds that gets taken out of your paycheck to pay for your health insurance. We could all imagine spending that money one hundred ways other than on insurance. However, if you have ever been in a severe car accident, or had an emergency appendectomy, you realize the importance of insurance. Without insurance, incidents like these could easily cost you tens of thousands of dollars and have a negative impact on your financial situation for many years to come.

A number of residents have recently contacted our Consumer Services division to express their frustration about rate increases. I would like to explain my role as Insurance Commissioner and the role the Department of Insurance (DOI) plays in regulating the insurance market in Delaware.

DOI exists to regulate the state's insurance market, protect consumers, and ensure that the insurance carriers who operate in our state are able to generate enough income to remain solvent and pay claims when claims come due. It is my duty as the Insurance Commissioner to strike a balance between protecting consumers and ensuring that the insurance companies are able to operate a stable business model. When insurance companies see that Delaware provides a fair and balanced approach to regulating the insurance markets, it attracts and retains good companies that compete for your business. Read More