September 2016 | Joel C. Cantor, Katherine Hempstead | Opinion: Small Rise in NJ Insurance Premiums, Even as Competition Declines
The news last month that Oscar Insurance Corp. is planning to exit the New Jersey individual market has raised questions about the market’s stability. Yesterday’s announcement that Health Republic Insurance of New Jersey (HRI) had entered “rehabilitation” as per the Department of Banking of Insurance, reduced the number of market competitors to two – Amerihealth and Horizon BCBS. This reduction in competition is cause for concern. Yet it is still the case that in terms of premium increases, the New Jersey individual market is a welcome contrast to that of many other states.