Are insurers ripping off Georgia’s victims of Hurricane Helene?
ATLANTA, Ga. (WRDW/WANF) - State Sen. Nabilah Islam-Parkes penned a letter to Insurance Commissioner John King, asking him to launch an investigation into insurance companies’ profits after a Florida report casts doubt on the practice of insurance companies.
A report from the Florida Office of Insurance Regulation found after Hurricanes Michael and Irma, insurance companies reported a loss of $432 million, while they diverted more than $1.8 billion to companies.
“Auto insurance s have gone up. Homeowners insurance s have gone up. People who have been hit by Hurricane Helene have seen delayed payments after being dropped from their insurance. We need to find out what the real cause is and hold them able. If it is true that they are hiding profits from Georgians in order to make more money off of us,” said Islam-Parkes.
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The Bureau of Labor Statistics found insurance rates have increased 18% since last year.
Georgia’s rates are higher than most places. A study from Nerd Wallet found, a 35-year-old Georgia driver with a good driving record and good credit, pays $3,051/year. That’s higher than the $2,312/year average.
King has the power under the Georgia constitution to launch an investigation, but his letter in response to the Senator indicates, he does not intend to.
Islam Parkes said the letter indicates he has no intention of investigating.
“I think it’s a dereliction of his duty as Insurance Commissioner to not make sure that the same thing isn’t happening here in Georgia,” said Islam-Parkes.
The Insurance Commissioner’s Office sent us a statement defending the position that an investigation would be costly and is not needed:
Lawmakers in Florida pushed for tort reform in hopes insurance s would stop rising. Georgia is considering the Governor’s package of tort reform measures in homes it could curb insurance increases
Islam-Parkes testified against SB 68, using Florida as an example. After ing an extensive tort package, insurance s rose 37%.
“That’s what happens when you hand power to billion-dollar corporations and expect them to start looking out for working people,” Islam Parkes testified before her “no” vote on SB 68, a part of the Governor’s tort reform package.
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