American Transit Insurance Company, which insures over 60% of NYC's for-hire vehicles, reported insolvency and over $700 million in losses, risking the industry.
The company's long-standing financial troubles, exacerbated by questionable practices, have left riders and drivers facing potential service interruptions and increased costs.
If American Transit fails, thousands of taxis and Ubers could be off the road, impacting driver income and leaving accident claims and medical expenses unpaid.
Inadequate reserves and reliance on new premiums for cover underscores a significant risk in the insurance of for-hire vehicles in New York City's market.
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