Residual Market Increases in Size, Premiums Decline

The number of risks in the New Jersey residual market plan increased 0.9% as of May 31, but the estimated premium dropped by 0.4%, the Compensation Rating and Inspection Bureau reported Monday. There were 40,142 residual market policies in effect at the end of May, the bureau reported, compared to 39,768 at the end of April. There were 1,336 new policies written between the end of April and the end of May, and 962 withdrawals, the bureau said. At the same time, estimated premium in the plan totaled $256.3 million as of May 31, a decrease of 0.4% from the premium in effect at the end of April...