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US LABOR MARKET: NYC Transit Insurer At Risk Of Failure

US LABOR MARKET
  • Bloomberg reports that NY’s insurance regulator has issued a damning report laying out the severely flawed financial condition of New York’s largest insurer of taxis and for-hire vehicles. Full write-up here.
  • “ATIC has become a key player in the New York transit ecosystem, building a market share of about 60% of the city’s taxis and rideshare vehicles by offering relatively cheaper plans than competitors. Bloomberg reported this week that industry analysts and taxi owners were concerned over the future of the company after it posted more than $700 million in net losses in the second quarter — a view shared by the DFS.”
  • We only note this news from an employment perspective, although any failure should presumably see these drivers find alternative sources of insurance in due course: “A collapse of ATIC would leave tens of thousands of livery drivers uninsured and without a source of income,” according to the letter.
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