Why are car insurance premiums soaring?

Why are car insurance premiums soaring?
Car insurance premiums have increased 17% in the last 12 months to May, which is four times the overall inflation rate of 4%. Georgia alone saw a 40% increase in premiums by Allstate.
What is driving these soaring premiums: higher repair costs, bigger medical bills, and increased litigation.
Insurers have suffered big losses. Car insurers lost 12 cents on the dollar for every premium written last year. The largest car insurer in the country, State Farm, lost 28 cents on every dollar of premium written resulting in a $14 billion underwriting loss.
Inflation and a rising number of accidents are resulting in big losses for auto insurers.
Hurricane Ian brought a strong storm surge that resulted in widespread inland flooding and devasting losses.
If states push back too hard on insurance companies, they will just up and leave which results in consumers having less choices.
Businesses can not be expected to operate at a continuous loss by the government and the public. At some point, a business operating at a loss year after year will be insolvent and go out of business.
Works Cited:
https://www.wsj.com/articles/car-insurance-rates-are-soaring-with-little-relief-in-sight-66138e2a?mod=hp_lead_pos7
https://www.wsj.com/articles/allstate-loss-highlights-struggles-among-insurers-11666287036?mod=article_inline
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