News
FEMA’s revolving loan fund enhances climate resiliency
The Federal Emergency Management Agency is launching an opportunity to fund resilience projects that will make communities safer from natural hazards. The Safeguarding Tomorrow Revolving Loan Fund will make $50 million available in low-interest loans to local governments. These loans will allow local jurisdictions to reduce vulnerability to hazards, foster greater community resilience and reduce disaster suffering.
Named storm expected this weekend
The National Hurricane Center is watching several areas that could develop into tropical storms. Two of the areas could affect the U.S. this Labor Day weekend. This would bring the total of named storms (so far) this season up to four. Earlier this month, the National Oceanic and Atmospheric Administration reaffirmed that it is predicting an above-normal hurricane season this year. NOAA still is predicting 14-20 named storms (winds of 39 mph or greater), of which 6-10 could become hurricanes (winds of 74 mph or greater). Of those, 3-5 could become major hurricanes (winds of 111 mph or greater). The heart of hurricane season begins in September. Preparation is key. The September issue of PIA Magazine focuses on preparedness. It features articles on the restoration process and the factors that drive the North Atlantic’s hurricane season. Also, PIA Northeast offers members access to its Hurricane Info Central, including information on how to how to track and define storms and how to prepare for a hurricane.
Newer cars seem to reduce gender disparities in crashes
The National Highway Traffic Safety Administration earlier this month published a report, “Female Crash Fatality Risk Relative to Males for Similar Physical Impacts,” which updates a 2013 NHTSA study examining female fatality risk relative to male fatality risk in crashes with similar physical impacts. The new report finds the estimated difference in female fatality risk compared to male fatality risk is significantly reduced in newer vehicles, starting as early as model year 2000. The newer the vehicle, the smaller the disparity. The overall gap drops from 18% to 6.3% for 2010-20 vehicles, and to 2.9% for 2015-20 vehicles.
N.H./Vt.: IRC’s state auto insurance affordability rankings
A recent report issued by the Insurance Research Council finds that Hawaii, New Hampshire, North Dakota, Maine and Vermont are considered to have the most affordable personal auto insurance. Conversely, Louisiana, Florida and Michigan are the three least affordable states for personal auto insurance. These rankings are based on insurance expenditures as a share of median household income. They also draw on data from the National Association of Insurance Commissioners, which is only available up to 2019, so it doesn’t reflect the pandemic, supply-chain issues, the war in Ukraine, etc. For the last 30 years, auto insurance has been trending toward more affordable nationwide. In the 1990s, premiums as a percentage of median household income averaged 1.9%; by the 2010s, it had decreased to 1.6%. In 2019, it was 1.56%. During this same period, median household income grew 2.9% annually.
N.Y.: Governor announces Hurricane Ida recovery action plan
Gov. Kathy Hochul this week announced the release of the proposed Action Plan by the Governor’s Office of Storm Recovery to recover from Hurricane Ida, which struck the state one year ago, and to strengthen the resiliency of communities in future storm events. The proposed plan includes $41.2 million in federal funding to support initiatives that will help residents adapt to the effects of climate change while prioritizing historically underserved communities. Public comment period is open for recovery grants and the hearings will be held on Thursday, Sept. 8, 2022, and Tuesday, Sept. 13, 2022.
Technical
N.Y.: United Property & Casualty Insurance to enter run-off
AM Best reported on Aug. 25, 2022, that United Property & Casualty Insurance plans to enter into run-off by exiting the homeowners market in its domiciled state of Florida, Louisiana, Texas and New York. The carrier is requesting the run-off due to the uncertainty of the availability of reinsurance for its personal-lines business—allowing them to protect the company and its policyholders. Louisiana has approved the run-off plan; approval is pending for Florida and Texas and United Property & Casualty Insurance soon will be submitting a run-off plan to New York regulators.
NYSIF to assist cannabis businesses with insurance needs
The New York State Insurance Fund announced a partnership with the Office of Cannabis Management, which will help adult-use cannabis companies fulfill their workers’ compensation, disability, and paid family leave requirements, and ensure that their workers are fully protected if they are injured on or off the job. Now that the state has begun accepting applications for the first adult-use cannabis retail dispensary licenses—the Conditional Adult-Use Retail Dispensary license—NYSIF will be able to help entrepreneurs meet their insurance needs and comply with the state’s mandatory requirements.
NYSIF makes changes to online accounts
NYSIF has launched some new tools to its online accounts, which are intended to make it easier to do business with the organization. These new tools involve Incurred Cost Change Notifications, which will allow users to enroll in notifications for changes in claims reserves, and Policy Document Uploads, which will allow users to upload forms, payroll, loss runs, etc., and associate them with either a quote request or a represented policy right from their online account.
Accolades
N.J.: Deadline today for YIP of the Year nominations
NJYIP is looking for nominations for its Young Insurance Professional of the Year award. It recognizes an active NJYIP member, who demonstrates a commitment to professionalism and excellence in the insurance industry and values the importance of the independent agent. The deadline for award submissions is today, Sept. 1, 2022. We hope you can join us to celebrate the winner at the NJYIP Halloween Spooktacular Thursday, Oct. 27, 2022.
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
Tee up for the PIANJ Golf Classic to benefit SONJ
Join PIANJ for its 39th Annual Golf Classic Monday, Sept. 12, 2022, at the Rumson Country Club, starting at 11 a.m.The PIANJ Golf Classic provides support for Special Olympics New Jersey programs that serve thousands of New Jersey children and adults with intellectual disabilities. To date, PIANJ with its annual Golf Classic—in conjunction with NJYIP and its annual 5K Fun Run—has raised over $4 million for SONJ. Golf in the 18-hole scramble tournament with your colleagues to benefit a great cause and join in on additional on-site contests to support SONJ. Register today!
Register now
Monday, Sept. 12, 2022: PIANJ Golf Classic
Thursday, Sept. 29, 2022: PIANH Symposium
Wednesday, Oct. 19, 2022: PIANJ Women’s Leadership Alliance Golf Clinic
Tuesday, Oct. 25, 2022: Save the date: Capital RAP—Interested in sponsoring, exhibiting or advertising?
Thursday, Oct. 27, 2022: NJYIP Halloween Spooktacular—nominate YIP of the Year, nominations due 9/1/22
