Weekly Dispatch: June 9, 2022

June 9, 2022

News

Annual Conference starts this weekend—come join us

PIA Annual Conference hosted by PIANJ and PIANY starts this weekend in Atlantic City, N.J. Online registration is closed, but you still can register at the door. This conference has been developed to engage with all levels of insurance professionals looking to amplify their knowledge of industry products, markets, tools, and personal and commercial lines. Jam out with other insurance professionals and develop harmonious strategies to elevate your business at this multi-day event. Share, discuss and explore new tempos and exciting advancements in insurance. We hope to see you there!

IIHS and Consumer Reports: Safer cars for young drivers

Marketplace realities have shrunk the list of recommended vehicles for teens compiled by the Insurance Institute for Highway Safety and Consumer Reports. But, as this year’s recommendations show, there still are a variety of affordable used and new models with a high level of safety and reliability. This year’s recommendations highlight 49 used models—starting from $6,000 to $19,900. That compares with 61 used models in 2021 and 65 in 2020. Families that want to buy a new vehicle can choose among 21 models recommended for young drivers, ranging in base price from $21,200 to $38,900. That’s fewer than the 29 new models recommended last year, but more than the 18 recommended in 2020.

N.Y.: Bills see action as the Legislature winds down

A trio of lesser known—but notable—insurance bills passed the New York state Legislature in the waning days of the 2022 legislation session, which could have an impact on your agency and clients. The bills would address supplemental spousal liability coverage; a requirement that would necessitate the notice of flood risk and flood history of a leased premise; and how the New York State Insurance Fund can handle new policies for businesses with outstanding balances owed to the NYSIF.

Advocacy

Education and relationships go hand-in-hand in N.J. politics

New Jersey PIAPAC works hand-in-glove with PIANJ to educate and develop relationships with state legislators. Constant communication is key to helping legislators understand the professional agent’s point of view and how certain legislation could be damaging to our businesses and our industry. NJPIAPAC has been busy attending legislators’ fundraisers to make sure our representatives are up to date on the issues facing our industry. This communication is vital—so we do not get lost in the shuffle of all the groups vying for attention in Trenton. Learn more about NJPIAPAC’s voice in politics on PIA Northeast News and Media and visit our website to learn how you can become a member of the PAC.

N.Y.: Gov. Hochul issues proclamation for special elections

Gov. Kathy Hochul issued a proclamation declaring that special elections to fill the vacancies in the 19th and 23rd congressional districts will be held on Tuesday, Aug. 23. The special elections will fill the vacancies created by the resignations of Antonio Delgado and Tom Reed, respectively.   

Technical

AM Best: Q1 results, increase in p/c’s underwriting income

The U.S. property/casualty industry saw a 4.6% increase to $3.3 billion in net underwriting income in the first three months of 2022 over the same prior-year period, according to preliminary financial results compiled by AM Best. This financial review is derived from companies’ three-month 2022 interim statutory statements that were received as of May 20, 2022, representing an estimated 95% of the total p/c industry’s net premiums written. According to AM Best, the combined ratio for the p/c industry improved marginally to 96.3 in the first quarter of 2022 from 96.6 in the first quarter of 2021. Catastrophe losses accounted for an estimated 3.3 points on the three-month 2022 combined ratio, down from an estimated 8.7 points in the prior-year period. A 39.7% decline in policyholder dividends and 10.5% growth in net earned premiums was offset by increases in incurred losses, loss adjustment expenses and underwriting expenses, leading to the modest underwriting income increase. Overall p/c industry net income rose $29.0 billion for the three-month period. Industry surplus increased slightly by 0.5% from the end of 2021 to $1 trillion, as the net income plus other surplus gains of $8.4 billion were reduced by $32.1 billion of unrealized losses and stockholder dividends.

Educating insurance agents

N.Y.: New classes that meet the New York State Department of Financial Services’ new CE requirements are available online and in private on-site sessions.

Events

The PIWA Summer Reception returns—be there

The PIWA Summer Reception will be live and in-person—Thursday, July 14, 2022, at Patrizia’s of Long Island, 1040 S. Broadway, Hicksville, NY 11801, from 5:30-7:30 p.m. Join your colleagues for a cocktail reception—open bar, hors d’oeuvres—and networking! Register today.

Register now

June 12-14, 2022: PIA Annual Conference

Tuesday, June 14, 2022: NJYIP Fun Run

Tuesday, June 21, 2022: CTYIP Golf Open

Thursday, July 14, 2022: PIWA Summer Reception

Thursday, July 28, 2022: Save the date: NJYIP Summer Reception

Monday, Aug. 1, 2022: NY-YIP Golf Open

Monday, Sept. 12, 2022: Save the date: PIANJ Golf Classic

Celebrating 40 Years with Berkshire Hathaway GUARD Insurance Companies.
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