Regional Briefs
Credit Scores Can't Figure In For Auto Insurers
The Massachusetts insurance commissioner has banned use of credit scores in auto insurance coverage decisions under a final set of rules reforming the state's auto insurance market.
Commissioner Nonnie Burnes added a provision that had been sought by consumer advocates and some auto insurance companies.
Draft rules that Burnes proposed in August would have forbid insurers from using data from credit reports in setting individuals' rates during a one-year transition to the new market.
The final rules from Burnes go further by banning use of credit information not only in setting rates, but also in decisions by insurers on whether to cover someone or not.
The ban would remain in effect during the one-year market transition to allow more study of the issue.
I-495 Office Market Gains Strength
According to commercial real estate broker Richards Barry Joyce & Partners of Boston, Class A space in the I-495 West market is 13.7 percent vacant, lower than the 14.0 percent vacancy in the Route 128 West market, which is 40 percent pricier.
RBJ released its Greater Boston office market third quarter report, which notes that the office market experienced 867,000 square feet of absorption in the quarter, lowering vacancy 0.5 percent to 13.8 percent.
During the same time, Class A asking rates surged $2.38 to $40.96 per sf.
Three consecutive quarters of positive absorption in Westborough have yielded 333,000 sf of new occupancy, according to RBJ.
According to the firm, the I-495 West submarket boasts the newest inventory of available Class A space in the metro area, with the average available square footage constructed at 1,993; the Greater Boston average is 1,986.
Also, pricing has increased 10 percent along I-495 in just two quarters but remains affordable relative to increasing rents in downtown Boston.
Cold September For AIM Confidence
The Associated Industries of Massachusetts Business Confidence Index fell for the third consecutive month in September.
The index fell by 1.5 points to 54.7 in September as the mortgage industry continued its meltdown and home prices continued their skid, "casting doubt on the future course of the economy," AIM said.
Confidence in national economic conditions was the biggest loser in the September index, falling 4.1 points to 51.3. The Massachusetts index was down 3.3 points to 49.9.
AIM said confidence among manufacturers was up 2.5 points to 56.9 while confidence among non-manufacturers "plummeted" eight points to 50.3.
AIM said the disparity between the results from the manufacturing and non-manufacturing sectors "suggests that these negative developments are seen as having a broad but not necessarily pervasive impact on the economy."
AG's Office: Insurance Rate Increases unFAIR
Attorney General Martha Coakley has recommended a statewide 18 percent rate decrease for Massachusetts homeowners enrolled in the state-sponsored homeowner insurance FAIR plan.
The FAIR Plan, which stands for Fair Access to Insurance Requirements, was created to offer basic property insurance to applicants unable to buy insurance on the voluntary market, and is run by the state's insurance companies.
State Unemployment Benefit Increased
Anyone in Massachusetts who files for state unemployment insurance benefits will get a new maximum of $600 per week, according to the state Executive Office of Labor and Workforce Development.
The old maximum was $575. The new rate affects those with new unemployment claims and those who make an average weekly wage of $1,200. Those who already receive unemployment insurance benefits and those who have recently filed, but have not begun receiving benefits, will not receive the new rate.
The increase is based on the state's average weekly wage, which is reported by employers. By law, the maximum benefit rate is 57.5 percent of the state's annual average weekly wage rounded down to the next lowest dollar.
In Massachusetts, unemployment insurance claimants get 50 percent of the state's average wage.
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