Speaker Menin, Council Members, Housing Advocates, and Business Leaders Rally in Support of Insurance Accountability to Lower Costs for New Yorkers

Proposed legislation to create a first-in-the-nation Office of Insurance Accountability would increase support for consumers, enhance transparency, and make recommendations to stabilize growing costs

NEW YORK, NY - Today, Speaker Julie Menin, Council Members, housing advocates, and business leaders rallied in support of proposed legislation that would increase insurance accountability and transparency as rising insurance costs continue to drive up rents, consumer prices, and the cost of living across New York City. Introduction 685, sponsored by Speaker Menin, would establish a new, first-in-the-nation Office of Insurance Accountability to equip both consumers and businesses with clear, accessible information to make informed decisions about their insurance coverage.

Rising insurance costs are increasingly becoming a major barrier to business and housing development across the city. For example, business liability insurance has increased by 10% annually, forcing many nightlife establishments to change how they operate or even shut down. Additionally, rapid increases in insurance costs are adding pressure to landlords to increase rents and putting the financial viability of affordable multifamily rental housing at risk.

Photos and videos from the rally can be found here.

"New Yorkers are overpaying for insurance of all kinds, and those rising costs hurt our wages, wallets, economic development, and a hidden contributor to the affordability crisis," said Speaker Julie Menin. "This bill gives the City the tools to understand what is driving these out-of-control costs so that we can spend smarter and get better value for taxpayers. Our goal is to make the system more equitable, transparent, and affordable for all New Yorkers."

Introduction 685, sponsored by Speaker Menin, which would establish an Office of Insurance Accountability. The office would:

• Provide information and guidance to consumers on selecting insurance plans

• Track and publicly report on legal actions involving deceptive or unfair insurance practices

• Conduct annual studies on the cost of insurance and the factors driving those costs

• Issue recommendations to help stabilize or lower insurance costs

• Create a consumer assistance unit, led by an Insurance Accountability Advocate, to help resolve insurance-related issues

The legislation builds on Speaker Menin's previous efforts to increase accountability and transparency on growing costs New Yorkers face. In 2023, the Council approved Local Law 78, sponsored by then Council Member Menin, which established the Office of Healthcare Accountability.

"I am proud to stand with Speaker Menin in strong support of her legislation, Intro 685, to establish an Office of Insurance Accountability," said Deputy Leader Chris Banks. "For too long, New Yorkers have been forced to navigate skyrocketing insurance costs and opaque industry practices with little transparency and even less recourse, (I am one of those New Yorkers). This bill delivers real oversight by shining a light on deceptive and unfair practices, increasing transparency, and ensuring consumers have clear, reliable guidance when selecting insurance coverage. By closely examining what is driving rising insurance costs and putting forward concrete recommendations to stabilize premiums, this legislation brings long-overdue accountability to an industry that directly affects the financial security of families, homeowners, and small businesses across our city. Creating a dedicated office to assist consumers and advocate on their behalf is wise policy and essential, especially as New Yorkers continue to face an unprecedented affordability crisis."

"Amid this affordability crisis, residents of New York have watched insurance expenses surge - with home insurance rates throughout the state rising by 26 percent each year, healthcare costs rising, and car insurance costs standing 52 percent above the national average," said Council Member Linda Lee, Chair, Committee on Finance. "It is long overdue for us to take a peek behind the curtain, which is why I am proud to support Speaker Menin in creating an Office of Insurance Accountability to shed light on the practices of insurance companies that harm consumers, and demand transparency on where dollars are going. "

"I'm proud to stand with Speaker Menin in supporting the creation of the Office of Insurance Accountability: an important step toward bringing down costs for consumers across New York City," said Council Member Harvey Epstein, Chair, Committee on Consumer and Worker Protection. "By identifying the root causes of rising premiums and helping New Yorkers better navigate their coverage options, this office will provide the guidance and support people need to protect both their wallets and their rights."

"Small businesses are being squeezed by insurance costs that are rising without warning and without explanation," said Council Member Shanel Thomas-Henry, Chair, Committee on Small Business. "That's not just frustrating, it's destabilizing. Intro 685 brings long-overdue transparency and accountability to a system that has operated in the dark for too long. By creating an Office of Insurance Accountability, we are exposing unfair practices, delivering real data and recommendations to stabilize costs, and giving entrepreneurs the tools to push back."

"Rising insurance costs are putting real pressure on affordable housing across New York City," said Council Member Gale A. Brewer. "When premiums increase this quickly and coverage becomes harder to secure, it affects building operations, repairs, and long-term stability for residents. Establishing an Office of Insurance Accountability would help bring greater transparency to the property insurance market, track unfair practices that affect consumers, and provide regular reporting on the factors driving costs. Along with efforts at the State level to better understand and stabilize insurance pricing, this kind of transparency is essential to responding effectively and protecting the city's affordable housing stock."

"New Yorkers are tired of seeing their insurance rates go up every year without any clear answers as to why," said Council Member Joann Ariola. "This new office would help safeguard the people of this city against predatory companies, build a much needed layer of accountability over insurance providers, and give consumers a real advocate to turn to if they feel they're being taken advantage of."

Restaurants, bars, and nightlife venues across New York City are facing rapidly rising insurance costs that threaten their ability to operate," said Andrew Rigie, Executive Director, New York City Hospitality Alliance. "Introduction 685 is a smart, practical step to bring transparency to a complex market and better understand what's driving these increases. By creating an Office of Insurance Accountability, the City can help lay the groundwork for the broader solutions needed to stabilize costs for small businesses. We thank Speaker Menin for her leadership and support on this critical issue."

"Speaker Menin's proposal to create an Office of Insurance Accountability is a strong step to increasing transparency for businesses navigating rising insurance costs across New York City," said Jessica Walker, President, Manhattan Chamber of Commerce. "Having a centralized resource can help shine a light on cost pressures that have become a real barrier to growth and hiring for small businesses. As this bill advances, I look forward to working alongside the Council to determine how we can also best support our job creators by addressing coordinated insurance fraud and frivolous litigation that raise costs."

"Rising insurance costs are driving up operating expenses, straining already tight budgets, and making it harder to build and preserve the affordable homes New Yorkers rely on," said Rachel Fee, Executive Director, New York Housing Conference. "The creation of an Office of Insurance Accountability is a critical step toward bringing transparency and oversight to a system that has lacked both for too long. By tracking costs, identifying unfair practices, and providing clear guidance and support to consumers, this legislation can help stabilize insurance markets and reduce one of the fastest-growing cost pressures in housing. We commend Speaker Menin for advancing this important proposal and look forward to working with City leaders and partners to ensure insurance costs no longer stand in the way of delivering safe, affordable homes for New Yorkers."

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