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  • Many individuals and businesses are experiencing significant increases in insurance premiums, making it difficult for people to afford necessary coverage. 

    Affordable Costs

    Reviewing insurance bill
  • A hard market is the upswing in the insurance market cycle, when premiums increase, coverage terms are restricted, and capacity for most types of insurance decreases.  The factors that created the hard market are thanks to poor legislative leaders creating a unstable insurance market.

    Resolve "Hard Market" Symptoms

    Studying market trends
  • The Insurance Commissioner helps regulate trust. Policyholders often face challenges with claims being denied or only partially paid, which can lead to financial hardship and reduced trust in insurance companies. The Insurance Commissioner makes sure insurance companies can keep their promises.

    Regain Trust

    Searching financial data on computer
  • Transparency is needed in both how rates are calculated, and in what consumers can do to present a better risk profile to the company. Policyholders should be educated on steps to protect against and mitigate losses by their insurance companies. Clear communication is needed.

    Encourage Clarity

    Stacks of paper files
  • Some individuals, especially those with pre-existing conditions or living in underserved areas, struggle to find affordable and adequate insurance coverage. When pooling risk the bigger the pool the more spread out the risk is, which benefits all.

    Expand Availability

    Riding a bus
  • The industry faces ongoing issues with fraud and abuse, which can drive up costs for policyholders and introduce added complexity. Part of regulating trust between consumers and the insurance industry is keeping fraudsters out of the equation.

    Promote Accuracy

    Reviewing and signing documents
  • The insurance industry must continually adapt to emerging risks, such as those related to climate change, cyber threats, and evolving healthcare needs. The approach to these protecting Washingtonians from new risks needs to benefit all involved.

    Legislation that allows Innovation

    High tech surgery theater
Close up of Insurance Building
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