Insurance agencies and financial institutions are opting out of current and future business ventures with the Trump Organization, Republican Congress, and supporters of extreme Republican beliefs as a result of their reactions to the 2020 Presidential Election, as well as the Trump administration’s handling of the riots at the U.S. Capitol building.
- Larger insurance agencies experienced an average rate increase of 11% for their auto liability policies since January 1, while general liability rates increase by an average of 6%.
- The median excess liability rate of insurance firms has increased by 52% since the year’s start, although some policies have increased by upwards of 160%.
- Estimates by Lexington Insurance Co. estimate that insurance capacity rates are at a third of what they were two years, ago, which was between $1.2-$1.3 billion.
- Reinsurance rates of property and casualty insurance policies increased by 6% within the first day of 2021, which industry professionals attribute primarily to the increase in natural disasters and the COVID-19 pandemic.