Be a part of PIANY’s Long Island RAP, register early & save
Expand your professional network, gain insights from the industry’s most recognized speakers, and discover new markets that will help your business at PIANY’s Long Island Regional Awareness Program, Thursday, April 27, 2023, at the Crest Hollow Country Club, in Woodbury, N.Y. At Long Island RAP, you’ll have access to education sessions on technology’s impact on you and your clients, how to avoid coverage gaps, and more. Plus, meet vendors, discover new products and innovations, and win amazing door prizes and cash giveaways. Don’t miss the keynote luncheon featuring two-time Super Bowl champ Carl Banks, linebacker for the New York Giants, who will share his experiences during and after football and the lessons they taught him. Get your tickets now and save 15%. Sponsorship, exhibitor and advertising opportunities are available.
Property/casualty insurers: Navigate inflation
The CallMiner’s recently released Churn Index 2020 indicates that there has been an increase in insurance buyers who are switching insurance providers. Add this information to the fact that property/casualty insurers are coming off 2022’s inflated marketplace—caused in part by shortages, which only drove prices up—means that insurance professionals need to monitor the economic conditions closely to anticipate customer actions properly. While customers continue to experience financial anxiety, insurers have valid concerns of their own surrounding consumer retention. In the last year, 25.4% of consumers had switched insurance providers. The survey also indicated that 43% of customers also are planning to switch their insurance providers in the coming year. Another notable survey finding was that customers reported that they often do not feel fairly treated and as a result, switch their providers. In fact, the insurance industry ranked the highest in this area. Interested in examining insurance renewal cross-selling strategies? See the related article on PIA Northeast News & Media. PIA members also can access Insurance script showdown: three scripts to make your cross-sell a ‘yes’ in the PIA QuickSource library.
Trends in cryptocurrency insurance
economic catastrophe. Therefore, it doesn’t seem coincidental that through the surge in remote employment, unemployment rates rising, and the reliance on technology (e.g., smartphones to accomplish ordinary tasks like ordering groceries), that new developments like cryptocurrency also would see tremendous growth. Of course, given the unstable marketplace, it’s also not surprising that cryptocurrency-based crime reached unparalleled heights in 2021. The 2022 Chainalysis Crypto Crime Report revealed that total cryptocurrency transactions amounted to $15.8 trillion by 2021. What seems to have occurred is that cryptocurrency became an avenue for illicit and unregulated transactions to take place, but that the overall crypto marketplace has managed to defend itself through various federal and state protective measures.
Trends affecting the industry—global warming, inflation
Global warming has made for unpredictable weather events, only causing more increased unpredictable damage. Aon testified before the U.S. Senate Budget Committee that global warming further pushes to weaken the insurance industry. Prices continue to escalate causing continued concerns into a business that relies on risk forecasts. Reinsurance companies already have strayed from risks in hazardous environments, including wildfire and flood specifically. Likening the overexposure to the mortgage risk in 2008, global warming is creating climate risk to the economy currently. Additionally, according to a recent report published by Global Risk Consultants Corp., many businesses are running the risk of experiencing insurance coverage gaps. Rebuilding or replacement costs due to loss from wildfires, hurricanes and accidents often are not fully covered by insurance policies. The report also found that many business owners have unintentionally not recorded estimates of property and equipment accurately to their insurance carriers.
NAIC debuts ‘State Connected’: three-year strategic plan
The National Association of Insurance Commissioners has announced its three-year 2023-25, State Connected plan, which focuses on key strategic focal points. These include member connectivity; training, expertise and technology; data and analytics; and consumer education, outreach, and advocacy. In an effort to keep pace with the insurance industry’s progress, the three-year plan’s goal is to establish a more engaged and shared approach in examining NAIC resources, content and data.
FDIC seized deposits and loans of Silicon Valley Bridge Bank
The Federal Deposit Insurance Corp. entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First-Citizens Bank & Trust Co. The 17 former branches of Silicon Valley Bridge Bank, National Association, opened as First-Citizens Bank & Trust Co., on March 27, 2023. Customers of Silicon Valley Bridge Bank, National Association, should continue to use their current branch until they receive notice from First-Citizens Bank & Trust Co., that system conversions have been completed to allow full-service banking at all its other branch locations. Depositors of Silicon Valley Bridge Bank, National Association, automatically will become depositors of First-Citizens Bank & Trust Co. All deposits assumed by First-Citizens Bank & Trust Co. will continue to be insured by the FDIC up to the insurance limit.
PIACT elects officers, names Dougherty president
PIACT elected J. Kyle Dougherty, CIC, president during the association’s Annual Convention held March 23-24, 2023, at the Hartford Marriott Downtown. The association also elected a full slate of officers during the Annual Business Meeting. Following are the new officers who will lead PIACT in 2023-24: President: J. Kyle Dougherty, CIC, of Orange. Dougherty is president of Dougherty Insurance Agency Inc., in Stratford. President-elect: Nicholas Ruickoldt, CPIA, of West Haven. Ruickoldt is a broker for The Russell Insurance Agency in Southport. Vice president: Kevin McKiernan, CIC, CPIA, of Wilton. McKiernan is president of Abercrombie, Burns, McKiernan Co., in Darien. Treasurer: Nathan Shippee of Bolton. Shippee is vice president of sales & marketing for Workers’ Compensation Trust in Wallingford. Secretary: Katie Bailey, ACSR, CLCS, CPIA, of Monroe. Bailey is an agent with The Russell Agency in Southport. Immediate Past President: Bud O’Neil, CPIA, of Bristol. O’Neil is a producer with C.V. Mason & Co., in Bristol.
PIACT elects board of directors
Six Connecticut independent insurance agents were elected to serve on the board of directors of PIACT at the association’s Annual Convention last week. Re-elected to serve for a three-year term expiring in 2026 are: Katie Bailey, CPIA, ACSR, CLCS, The Russell Agency LLC in Southport; Nicholas Fanelli, CIC, CPCU, CLU, Newberry Agency/Raynard & Peirce Insurance in N. Canaan; and Kimberly Tompkins, CIC, AIS, AINS, PHM, CRIS, ACSR, CPIA, Convelo Insurance Group in Middletown. Newly elected for a three-year term, ending in 2026 are: Ryan Kelly, Arthur J. Gallagher & Co., in Shelton; Jeff Krar, Joseph Krar & Associates, Southington; and Carlos Lithgow, TRA, CAL Insurance, Stamford.
CTYIP elects officers and directors, names Kelly president
The CTYIP elected its officers and directors during its Annual Business Meeting last week. Following are the new officers who will lead CTYIP in 2023-24: President: Ryan Kelly, Arthur J. Gallagher of Shelton. President elect: Justin Sloan, Nesso Group of Meriden. Vice president: Robyn Ricciardone, RSP of Meriden. Treasurer: James Kannengeiser, Hagerty of Stratford. Secretary: Jacklyn Meeker, The Russell Agency of Southport. Immediate Past President: Anthony DeSalva, Georgetown Financial of Georgetown. Four insurance professionals were re-elected to serve on the board of directors for a year-term ending in 2024: Christine DeFelice, CorRisk of Melville, N.Y.; Cathy Finlayson, ServPRO of East Haven; James Kannengeiser, Hagerty of Stratford; and Ryan Kelly, Arthur J. Gallagher of Shelton. Newly elected to the board with a term ending in 2025 were the following individuals: Jeremy Card, PMA Cos. of Sandy Hook; Anthony DeSalva, Georgetown Financial of Georgetown; Ryan Keating, The Keating Agency of Hartford; Jacklyn Meeker, The Russell Agency of Southport; Robyn Ricciardone, RPS of Meriden; Ryan Vivenzio, CNA Insurance of Glastonbury; Kieran Buttrick, Hagerty Insurance of Stratford; and Justin Sloan, Nesso Group of Meriden.
Vt.: Disaster declaration approved eight Vermont counties
President Joseph Biden has declared a major disaster for Chittenden, Essex, Franklin, Grand Isle, Lamoille, Orange, Orleans, and Washington counties, which suffered substantial damage during the Dec. 22-24, 2022, winter storm. The Federal Emergency Management Agency identified nearly $3 million in program eligible costs incurred by public and nonprofit utilities and communities in recovering from the storm—far exceeding the $1.14 million minimum Vermont must demonstrate for a disaster declaration. The eight counties included in the declaration each exceeded the $4.44 per capita county indicator needed to qualify communities and public utilities for assistance. The major disaster declaration allows municipalities and qualifying nonprofits (such as public utilities) in those counties to receive 75% federal reimbursement for storm response and recovery. Those costs include power restoration for municipal utilities, repairs to public roads, bridges, and other infrastructure that was damaged during the storm, as well as removal of debris from public rights of way. Do you need resources to help you educate your clients about bad weather? PIA Northeast members have access to Storm Info Central.
A look at the legislative districts in New Jersey (so far)
This year is an especially interesting one in New Jersey as all 120 legislative seats are on the ballot. If it seems like your legislators all just ran for (re)election, you’re correct. Typically, the state Assembly is up for election every two years, and the state Senate is up for election every four years. However—due to the census and redistricting every 10 years—the Senate’s first term of a new decade lasts only two years. As required by the state Constitution, the congressional and legislative districts must be redrawn to reflect the newest census data. The new legislative map that the Apportionment Commission adopted last year will have influence on this year’s races. For starters, it puts four Senate Democrats into two districts, and makes some competitive districts friendlier to Republicans and others friendlier to Democrats. Additionally, as of this writing, more than a dozen legislators (more than 10% of the Legislature) have announced that they will not be running for re-election in November. Interested to see how things are shaping up in your district? See the related article on PIA Northeast News & Media.
PIANY-priority ‘bait-and-switch’ bill passes state Assembly
One of PIANY’s top legislative priorities, A.4668, which would limit the damaging “bait-and-switch” tactic employed by some insurance companies, unanimously passed the state Assembly earlier this week. The legislation would limit the damaging “bait-and-switch” tactic employed by some insurance companies. Currently, some insurance carriers that write personal automobile policies bind the coverage using the initial quote that is determined based on the information from a questionnaire that is filled out by the insured. Then, the carrier raises the premium after it has checked the insured’s driving history. PIANY strongly supported the passage of A.4668, and the association would like to thank Assemblyman David Weprin, D-24, the sponsor of this legislation, which passed through the state Assembly for the first time.
N.Y.: PIA-priority photo inspection bill passes state Assembly
PIANY’s top priority for the 2023 legislative session is the passage of legislation that would make important reforms to the state’s outdated photo inspection law (A.3172-A). This week, that legislation got one step closer to becoming a law as A.3172-A passed the New York State Assembly on Wednesday. This bill, sponsored by Assemblyman Kenneth Zebrowski, D-96, would allow insurance companies to file a waiver with the New York State Department of Financial Services to allow them to waive photo inspections for all or some of the personal automobiles they insure. PIANY strongly supported the passage of A.3172-A. The association would like to thank all the PIA members who participated in PIANY’s grassroots campaign to pass this important bill in the Assembly. PIANY also would like to thank Assemblyman Zebrowski, for his continued leadership on this issue.
Educating insurance agents
Conn./N.J./N.Y.: Know and mitigate cyberexposures
Insurance professionals who want to gain a better understanding of cyberexposures and learn how to mitigate them should attend the CPIA Advanced: Agents Guide to Understanding and Mitigating Cyber Exposures webinar on Tuesday, April 4, 2023. Taught by John Fear, CPIA, CISR, this webinar will encourage you to focus on the cyberexposures, insurance recommendations for coverage and risk management techniques used to identify, analyze, and control them. It will help you explain to your clients about how having proper insurance—along with implementing proper control and company policies—can keep an organization from financial ruin. This class has been submitted for continuing-education credits in Connecticut, New Jersey and New York.
Pre Buffalo I-Day Happy Hour, register now
Join the New York Young Insurance Professionals for the return of Buffalo I-Day a day early, Wednesday, April 19, 2023, at Patrick’s Rooftop, from 6-9 p.m. Insurance professionals from the area will enjoy drinks and networking prior to the start of Buffalo I-Day the next day. Register today. The event is sponsored by Jencap.
Monday, April 17, 2023: PIANJ Women’s Leadership Alliance: Luncheon with Lt. Gov. Sheila Oliver
Wednesday, April 19, 2023: NY-YIP/PIA Pre Buffalo I-Day Event
Wednesday, April 26, 2023: Save the date: NY-YIP Welcome Reception
Monday, May 1, 2023: NJYIP Golf Open
Thursday, May 18, 2023: Save the date: PIWA Spring Reception
Tuesday, June 6, 2023: NJYIP Fun Run
Tuesday, June 20, 2023: CTYIP Springfest Golf Outing
Monday, Aug. 7, 2023: Save the date: NY-YIP Annual Golf Open
Monday, Oct. 2, 2023: Save the date: PIANJ Golf Classic—40th Anniversary
Thursday, Nov. 2, 2023: Save the date: Capital RAP