Top U.S. insurance companies and associations say California is risking a crisis in the nation's largest automobile insurance market by refusing to approve any rate increases for more than two years, since the start of the coronavirus pandemic.
last spring for the first time in two years, but any drop in those payments is offset by supply chain shortages and rapidly rising inflation.Insurers should pay back their pandemic windfall, but Lara hasn’t proposed the regulations needed to make them do so, said Consumer Watchdog founder Harvey Rosenfield.
“To have them doing things here in California that indicates a pulling back as much as they feasibly can, that’s an indication of an unhealthy marketplace, and we think that’s directly tied to the fact that the insurance commissioner has not reviewed a rate filing in 2 1/2 years,” said Denni Ritter, APCIA’s vice president for state government relations.
Insurers “are becoming increasingly less willing to write new business” in California because of the moratorium, Joseph Lacher Jr., Kemper’s president, chief executive officer and chairman said during an“In the relative short order, my personal belief is we’ll start to see the markets seize up,” he said. “And I just hope the commissioner doesn’t push it to that point because it will take a long time to restart it.
“If there’s one tactic the insurance industry has perfected, it’s trying to blackmail the public by threatening to pull out,” he said.
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