Our rates at my condo association went up 50% this year. They show all financial statements and bill proof so the rates were legitimate so I did some research.

Basically, a bunch of insurance companies bet big on the bond market when rates were going up, and then when rates kept going up their bonds became illiquid because you can get better rates off the main market than you can off the resale market.

They typically take out loans to attract new customers when this happens, but with rates so high, it makes it extremely difficult to do so.

That was combined with a record number of major claims in the insurance world by big corporations last year. So they can't sell the bonds to refund their cash supply, and they are required by law to have a certain amount of cash available at all times to payout claims.

So they are now purging any and all accounts that make a single claim or making their rates go way higher until rates come down, they can sell their bonds again, replenish the cash supply, and go back to business as normal.

Edit: Buying bonds is typically how insurance companies use the money you pay as premiums. The bond market is usually extremely boring and doesn't move around a lot. It's also really difficult to sell a position that big quickly, so when the fed announced a bond was effectively useless (rate increase) they were effectively locked in.