The NYC Taxi & For-Hire Vehicle Insurance Crisis: Root Causes & Solutions
The NYC taxi and for-hire vehicle (“FHV”) insurance crisis has reached a pivotal point, driven by high insurance premiums that threaten to price-out individual drivers and fleet owners and rooted in the $700 million insolvency of the New York City taxi and FHV market’s biggest insurer, American Transit Insurance Company (“ATIC”). This report seeks to identify the root causes of the crisis and propose actionable reforms to address the industry’s challenges.