Abstract
Insurance is among the most heavily regulated industries. However, regulatory characteristics differ across each state, including the way an insurance supervisor is selected, how rates are set, and the fault system by which injured parties pursue damages. Employing a large dataset from J.D. Power, we examine how these regulatory characteristics, along with other state, demographic, socioeconomic, and experiential factors, impact consumers’ satisfaction with their automobile insurance carriers. We find differences in the metrics—overall price, and claims satisfaction—based on certain regulatory attributes and also find that prior claims experience significantly impacts satisfaction. Prior claimants are generally more satisfied with their insurance carrier and exhibit greater significance in the impact of regulatory factors on their satisfaction.
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