Ga. insurance chief expects rates to fall 3-5% with lawsuit reform
ATLANTA, Ga. - After historic lawsuit reform was approved and signed into law, Georgia’s top insurance official said consumers and businesses should expect lower insurance s this coming year.
“So much political capital was spent on getting tort reform,” Georgia Insurance and Safety Fire Commissioner John King said. “They better not come to our office and ask a ridiculous rate increase.”
Not only does King expect insurers to not increase rates; he expects them to file for decreases, and soon.
“I expect reasonably 3 to 5% decrease in rates in Georgia this year,” he said.
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The new laws, SB68 and SB69, are now in effect after Georgia Gov. Brian Kemp signed the reform bills a few days ago.
The changes are supposed to curb multi-million dollar insurance payouts for lawsuits against businesses that did not take enough precaution to prevent a crime or injury from happening.
Ultimately, the laws are supposed to lower costs for consumers, but state lawmakers who opposed the changes are concerned the laws don’t hold insurance carriers able.
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“Nothing in this bill will address car accident insurance s; it won’t address homeowner s; it won’t address business s,” said state Rep. Tanya Miller, D-Atlanta.
King said the new laws may not require carriers to lower s, but they “eliminated the excuses” for insurance companies.
“Abuses in the civil justice system were their biggest reason why rates were so high,” he said. “Now we expect them to meet us in the middle.”
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In Georgia, the insurance commissioner can’t reject rate increases altogether, but he can limit them.
King vows his office will take a hard look at rate requests, look closely at any loss claims, and hold public hearings if necessary.
Experts at the Insurance Information Institute (III) aren’t so optimistic about rates dropping. Spokesperson Mark Friedlander said it will likely take 12 to 18 months for lawsuits previously filed to go through the courts, and even then, there may be more national challenges.
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“Positive impacts of tort reform could be overridden by the negative impacts of tariffs on auto and property insurance,” Friedlander said. “This will generate higher costs of manufacturing new vehicles, replacement parts for auto repairs, and construction costs for homes and businesses, leading to increased auto, home and business s in Georgia and across the U.S.”
King said insurance companies must have a “reasonable rate” so they can make a “reasonable profit,” but he will not allow gouging.
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