The companies represent five of the top 10 writers of private passenger auto insurance in the Commonwealth. Dec. 17 was the deadline for Coakley to request hearings.
Late last month, Arbella filed for a 7.7% decrease in rates and Hanover put in an 8.2% decrease. However, Coakley alleges the companies inflated losses and profits. Coakley said that, based on her analysis, Arbella and Hanover would be overcharging residents more than $25 million.
Coakley has said the alleged overcharges, because of similar allegations of inflated losses and profits by Commerce, Safety and Premier, would total $100 million.
"We've been careful to call for hearings only where we have seen excessive rate projections," Coakley said in a statement.
Though Coakley has repeatedly said managed competition "has the potential" to work, James T. Harrington, executive director of the Massachusetts Insurance Federation, said Coakley's "unwillingness to work with any competition proponents suggest her real agenda is to prevent competitive implementation."
Harrington said Coakley is "making baseless and inflammatory claims" to scare consumers. He suggested Coakley should instead be advising consumers to shop around for the best rates.
The state's 19 insurance companies filed new rates on Nov. 19 and amended them Nov. 27 under the new system. Rates had previously been set by the insurance commissioner for about 30 years.
Insurance Commissioner Nonnie Burnes has said the average rate reduction for the policies, when the new system goes into effect April 1, is 7.8%. Coakley has said Burnes would have dropped rates 10% to 11% statewide if she was still setting rates for all companies.
Arbella currently has a Best's Financial Strength Rating of B++ (Good). Hanover Group is currently rated A- (Excellent).
Premier Insurance Company of Massachusetts, a member of the Travelers Insurance Cos., currently has a Best's Financial Strength Rating of A (Excellent). Commerce Group is currently rated A+ (Superior). Safety Group is currently rated A (Excellent).
The top five writers of private passenger auto insurance in Massachusetts last year, according to A.M. Best Co. state/line data, were: Commerce Group, with a 31.5% market share; Safety Group, with 11.2%; Arbella Insurance Group, with 9.6%; Liberty Mutual Insurance Cos., with 7.7%; and MetLife Auto & Home Group, with 7.1%.