Uber has launched a "seven-figure" advertising campaign to generate support for the company's efforts to convince state regulators to lower mandated insurance thresholds for rideshare drivers, contending those costs are increasing prices paid by its customers, Bloomberg reported on Friday.

The ad campaign began this week on several national and local news websites and is slated to expand to social media, YouTube and other video streaming platforms starting on Monday, according to the report.

The company is urging lawmakers and regulators in individual states to modify their insurance requirements, blaming a "shady network" of personal injury lawyers, pain management doctors, chiropractors and third-party lenders for exploiting the system for their financial gain and driving up costs on consumers, an Uber public policy and communications spokesperson told Bloomberg.

Uber also is working with several other companies similarly trying to trim their operating costs by cutting their insurance and other regulatory expenses, the report said.

Uber did not immediately respond to a request from MT Newswires on Friday seeking additional information about the insurance and regulatory initiative.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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