At a recent CalMatters event, California Insurance Commissioner Ricardo Lara discussed his plan to address the crisis and restore stability to the market.
Tag: insurance crisis
Looming Insurance Crisis Threatens New York City Taxis and Ubers
The insolvency of American Transit Insurance Company, the largest insurer of taxis and for-hire vehicles in New York City, could create an unprecedented insurance crisis, affecting over 74,000 vehicles.
Rising Weather-Related Claims Create Insurance Crisis for Iowa Churches
Iowa churches are facing a significant insurance crisis due to a surge in weather-related claims. Insurance companies have been forced to raise premiums drastically, with some churches experiencing rate hikes of over 100%.
California Insurance Crisis: Commissioner Takes Action
California is experiencing an insurance crisis, with homeowners facing skyrocketing premiums and insurers withdrawing from high-risk areas. The crisis is driven by increasing wildfire risks and a challenging regulatory environment.
Elected Insurance Commissioners’ Balancing Act: Constituent vs. Insurer Needs
There are calls from the public, insurers, and legislators for reforms and solutions as the insurance industry battles climate change, the high cost of inflation, and nuclear verdicts. In the crossfire are elected insurance commissioners, who need to balance what their constituents want and elected them to do and what insurers need to do to cover losses adequately. Eleven states elect commissioners, while the other 39 and D.C. are appointed.