ATIC, insuring 60% of NYC’s taxis and rideshares, faces insolvency after $700M losses, risking the city’s transit system.

American Transit Insurance Co. (ATIC), which insures about 60% of New York City’s commercial taxis, livery cabs, black cars, and rideshare vehicles, is indeed facing insolvency. The company posted over $700 million in net losses in the second quarter of 2024. This situation poses a significant risk to the city’s transit system, as many drivers could be left without insurance.

Sources:

https://www.crainsnewyork.com/transportation/nyc-risks-taxi-uber-meltdown-biggest-insurer-faces-huge-losses

https://nysfocus.com/2024/09/03/taxi-drivers-debt-lenders-mpr-plus

https://www.insurancejournal.com/news/east/2024/09/04/791291.htm

Everyone pull out your automobile insurance from 2023 and 2022. The increase has been wild. Elections have consequences and stolen elections have greater consequences.

— rick genie (@RickGenie) September 4, 2024