Prudential

Current Rates, News & Information

New Jersey is a state known for having the highest insurance rates in the nation, specifically when it comes to auto coverage. Unfortunately, a move to balance the state's budget may mean they have the highest health insurance rates as well. Local legislature is considering tax hikes on certain insurance premiums that will ultimately leave more of the state's residents without affordable health care options.

Tax Hikes Raise Rates

Anymore tax hikes could break an already weak system. For example, Prudential Insurance already pays an astonishing $12-$14 million in taxes in New Jersey. Additionally, Prudential pays $10 million to other states that generally base their taxes on multi-state insurers to the home state tax rate. If the increase passes as penned, Prudential will be responsible for another $6 million dollars in taxes. Prudential's long-term care and various disability policies would be the hardest hit by the tax increase.

The additional charges would surely be passed onto consumers in the form of Prudential insurance rates, and it would stand true for other providers as well. If passed, the bill would ultimately make a whole slew of insurance unaffordable for those who are already balancing on the financial edge.

Prudential has gotten the regulatory approval necessary to sell itsTaiwanese agency business. Due to current state of international financial affairs, Prudential has needed to take strong measures to get more capital.This offloading is a direct move by UK Prudential and should not really have any impact on the Prudential insurance rates Americans are currently paying.

Prudential is not the only financial institution abroad to have to take bold measures to survive the current economy. Other insurance houses are choosing toreduce their dividends, offloading junior debt or purchasing reinsurance cover as a way to balance their books.

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