Consumer Watchdog urged the California Attorney General on Tuesday to investigate alleged insurance industry “collusion” in limiting home and auto coverage in the state, which an indust…
A consumer group on Tuesday called on state Attorney General Rob Bonta to investigate whether insurance companies coordinated a massive pullback from covering California homes over the past year to pressure state officials into loosening regulations and allowing higher rates in violation of antitrust laws.
“Insurance companies doing business in California are orchestrating shortages to pressure state officials to boost insurance premiums and authorize a massive bailout of the insurance industry that will likely cost Californians billions,” the letter states. “We urge your immediate action to protect California consumers and businesses, and our economy, against further disruption, manipulation, and higher prices.
California isn’t the only state grappling with home insurance problems — Florida and other Southeast states often in the paths of hurricanes also have seen rates rise sharply and insurers pull out. But the institute says California regulations prevent insurers from factoring those rising risks into premium costs. Those rules require insurers to base rates on historic losses rather than using predictive computer climate models. They also keep insurers from passing on to consumers their rising costs for reinsurance — insurance for insurance companies — which they buy to help them absorb major losses.
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