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Consumer Report Claims Insurers Overcharged California Motorists $5.5B During First Year of Pandemic June 29, 2021 The report shows auto insurers reaped “a windfall of about $5.5 billion.” Insurance companies’ average return on net worth was more than twice what California law allows last year, according to the report. Since April 2020, California Insurance Commissioner Ricardo Lara has issued four bulletins directing insurers to refund overcharges, and in March he set an April 30 deadline for companies to repay outstanding 2020 refunds. Lara in March said insurers continued to overcharge drivers despite reduced risk of accidents during the pandemic. Insurance companies were allowed to calculate for themselves what they owe. As a result, the top 15 auto insurance companies, representing 70% of the market, have only repaid roughly $1.9 billion for 2020, less than half of what they overcharged California consumers, the report shows.

United statesMark sektnanRicardo laraCarmen balberCalifornia department of insuranceNational association of insurance commissionersAmerican property casualty insurance associationMost californiaConsumer watchdogCalifornia insurance commissioner ricardo laraInsurance commissionerCalifornia departmentNational associationInsurance commissionersஒன்றுபட்டது மாநிலங்களில்ரிக்கார்டோ லாரா