Julie Samuels, President and CEO of Tech:NYC, said on Feb. 20 that the organization supports Governor Kathy Hochul’s proposal to lower auto insurance costs as a way to balance affordability with protections for crash victims.
The issue is significant because New York drivers pay some of the highest auto insurance premiums in the country, often hundreds to over a thousand dollars more annually than the national average. High premiums are attributed to factors such as dense urban traffic, high medical costs, frequent claims, fraud, and the state’s regulatory structure. These costs contribute to broader affordability challenges for residents, according to the Insurance Information Institute.
“Tech:NYC strongly supports the governor’s proposal to bring down auto insurance costs. We all want safer streets and fairness for crash victims. Governor Hochul’s proposal restores balance — protecting legitimate claims while addressing the cost drivers that make our premiums among the highest in the nation. Affordability and fairness need to go hand in hand,” Samuels said according to Tech:NYC.
Policymakers are focusing on reforms intended to reduce fraud, limit unnecessary litigation, and make coverage more affordable while maintaining protections for crash victims. Hochul’s proposal is part of broader cost-of-living initiatives across New York State, according to information from Governor Hochul’s office.
Studies of insurance reforms in other states show that targeting fraud, adjusting fee schedules, and streamlining dispute resolution can reduce premiums without eliminating consumer protections. Addressing these cost drivers directly has stabilized or lowered premiums elsewhere—a goal central to New York’s proposed reforms, according to research compiled by the National Association of Insurance Commissioners.
Samuels leads Tech:NYC as its President and CEO. The association represents New York City’s technology sector and advocates for policies supporting innovation, economic growth, and affordability in the city.
