California to auto insurers: No rate increases, it’s still a pandemic. Business claims a ‘market crisis looming.’

“The commissioner is an elected official and he’s trying to serve his constituents in a way that does not favor market forces,” said David Russell, a professor of insurance and finance at California State University, Northridge. “But if you suppress rates, you’re going to get availability problems.”

https://fortune.com/2022/09/27/california-auto-insurance-no-rate-increases-geico-all-state-kemper-liberty-mutual-state-farm-ricardo-lara/

--Fortune