Insurance industry spokesman disputes racial bias, cites legal prohibitions and risk factors
1 Sep 10 · 13d ago · 1 article · 3 posts · 2 sources · development 1 of 1
Mark Friedlander of the Insurance Information Institute stated that premiums are based on risk and not race or ethnicity, that the rating system is actuarially grounded and heavily regulated, and that using race or proxies for race to set rates is illegal. He attributed disparities to objectively higher catastrophe exposure or rebuild costs in some communities.
“Using race, or any proxy for race, to set insurance rates is illegal in every US jurisdiction, and state insurance regulators review and approve the rating factors insurers use precisely to guard against that.”
Mark FriedlanderConsumer Federation of America Research organizationSharon Cornelissen Director of housing, Consumer Federation of America; report co-authorMark Friedlander Spokesman, Insurance Information Institute
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Reported in the same hours no headline names this development itself — these 1 claim were published in its stretch
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first by Mother Jones, 13d ago · also Grist
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Homeowners in predominantly Hispanic zip codes in Florida pay on average 58% more for the same coverage as those in white communities.
All 1 developments of Consumer Federation Report: Black and Hispanic Homeowners… →
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