American Transit Insurance Co.'s reported $700 million net losses underscore the urgent need for lawmakers to reform New York's costly liability mandates and lawsuit-friendly laws.
New York City mandates drivers carry insurance coverage of $200,000 per person, four times higher than the minimum required in other parts of the state, attracting questionable lawsuits.
The Empire State's legal environment encourages excessive litigation and fraudulent claims, distorting the insurance market and imposing a tort tax that costs residents over $2,318 annually.
Each year, personal injury lawyers spend millions in advertising, targeting Uber and Lyft, with law firms in 2023 spending over $97 million on local legal services.
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