New York City plans to use taxpayer dollars to undercut private insurance market

The programme, announced Thursday at the Citizens Housing and Planning Council’s annual luncheon, would use city capital to issue property and liability insurance policies at premiums 20 to 30 per cent below prevailing market rates. Deputy Mayor for Housing and Planning Leila Bozorg said the lower cost would be achievable because “the government doesn’t have the same profit demands as private insurers.” The city aims to cover 20,000 homes by 2027, scaling to 100,000 by 2030.