What would a Trump-Rubio ticket imply for the insurance coverage business?

Among the many names being bounced round as a possible working mate for former President Donald Trump’s re-election bid is Sen. Marco Rubio (R-Fla.). However what may a Trump-Rubio ticket imply for the insurance coverage business?

As a Republican, Rubio has typically favored deregulation and insurance policies geared toward spurring financial progress. That signifies that below a Trump-Rubio administration, the insurance coverage business may see favorable adjustments in areas like tax coverage, regulatory oversight, and client protections.

“I occur to stay in what I consider is the primary – or after Honolulu, the costliest group in America close to inflation, and one of many issues that’s driving it now could be auto insurance coverage,” Rubio instructed Fox’s The Faulkner Focus.

The typical annual auto insurance coverage premium in Florida is sort of $4,000, based on a Florida Politics report.

Rubio stated in February that his householders’ insurance coverage had elevated by about 300% over the earlier two years.

“A part of it’s pushed by the truth that these firms don’t need to write insurance policies right here anymore,” Rubio instructed Florida radio station WFME. “The less firms you will have writing insurance policies, the less selections there are, the dearer it will get.”

“It doesn’t have a straightforward resolution, apart from determining methods to make Florida a extra aggressive state for property insurance coverage,” he instructed WFME. “I’m undecided there’s a federal nexus to how one can remedy it. It truly is a state-regulated market, nevertheless it is a matter on my radar, simply as a Floridian and as somebody who lives right here.”

Rubio has launched or backed a number of insurance-related payments within the Senate. In November, he, together with Florida Republican Rep. Scott Franklin, launched a invoice meant to assist Florida growers entry crop insurance coverage. In 2022, he launched laws geared toward defending Nationwide Flood Insurance coverage Program policyholders from charge hikes.