After property insurers raise rates, a state cracks down

For nearly a year, Illinois Gov. JB Pritzker (D) has sought to empower the state to reject hikes in property-insurance rates, calling them “unexplained” and “unfair.”

Now, as Pritzker eyes a run for president, he is about to sign his wish into law.

In the closing days of its session, the Democratic-led Legislature passed a bill championed by Pritzker that would for the first time let the state insurance department reject property insurance rate hikes.

“Illinois has had by some measures the most deregulated insurance market in the U.S.,” said Jordan Haedtler, climate-finance specialist for advocacy group Climate Cabinet, by phone. He supports the legislation.