What would a Trump-Rubio ticket mean for the insurance industry? | Insurance business America
Insurance News
By Ryan Smith
Among the names floating around as a potential candidate for former President Donald Trump’s re-election bid is Sen. Marco Rubio (R-Florida). But what could a Trump-Rubio ticket mean for the insurance industry?
As a Republican, Rubio generally supported deregulation and measures to stimulate economic growth. This means that under a Trump-Rubio administration, the insurance industry could see positive changes in areas such as tax policy, regulatory oversight and consumer protection.
“I happen to live in the area that I believe is the first – or after Honolulu, the most expensive community in America in terms of inflation, and one of the factors driving it now is auto insurance,” said Rubio told Fox’s The Faulkner Focus.
According to a report from Florida Politics, the average annual car insurance premium in Florida is nearly $4,000.
Rubio said in February that his homeowner’s insurance had increased about 300% in the last two years.
“Part of this is because these companies don’t want to write policy here anymore,” Rubio told Florida radio station WFME. “The fewer companies you have writing policies, the fewer choices there are, the more expensive it becomes.”
“There is no easy solution other than finding ways to make Florida a more competitive state for property insurance,” he told WFME. “I’m not sure there’s a federal connection to solving the problem. It is truly a federally regulated market, but it is an issue on my radar, both as a Floridian and as someone who lives here.”
Rubio has introduced or supported several insurance-related bills in the Senate. In November, he co-sponsored a bill with Republican Florida Rep. Scott Franklin that would make it easier for Florida farmers to access crop insurance. In 2022, he introduced legislation aimed at protecting National Flood Insurance Program policyholders from rate increases.
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2024-05-13 15:42:56
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