In a letter addressed to Gov. Hochul, the R Street Institute’s Director of Finance, Insurance and Trade Policy, Jerry Theodorou wrote the following in Oct:
“A collapse of ATIC would leave tens of thousands of livery drivers uninsured and without a source of income. ATIC has the largest share of the New York taxi and for-hire market, with a market share of approximately 60%, covering 72,000 of the city’s 114,000 taxis. An eventual collapse of ATIC could be economically devastating for livery drivers, passengers, health care providers, and the New York economy, and would disrupt vital transportation services, and lead to higher prices for traditional taxi and transportation network company rides. New Yorkers deserve access to a more stable insurance market for taxi, livery and rideshare insurance, supervised by a more effective regulator. The long-running ATIC saga should be a wakeup call that regulators need to take action to ensure adequate reserves are maintained by insurance companies in New York. For these reasons, I strongly urge your action to ensure regulators are ensuring the state has a stable, competitive and healthy P&C insurance market.”
Source: R Street
