Insurance industry struggling with extreme weather
With extreme weather events increasing in frequency the insurance industry is struggling to keep up with skyrocketing homeowners insurance claims. Record inflation is causing a steep rise in rebuilding costs. Storms like Hurricane Ida caused major flooding and wind damage throughout New York and New Jersey. This February in New Hampshire a new record was set for wind chill when wind gusts reached up to 127 mph during a dangerous cold spell. Plus, sub-freezing temperatures in Connecticut this May damaged crops, warmer temperatures are affecting Vermont’s maple syrup production. With up to nine major hurricanes expected to hit the United States this year, will the nonrenewal of policies in areas of extreme weather become a trend? Something to keep an eye on as we move into this hurricane season.
Conn.: Gov. Lamont signs early voting legislation
Gov. Ned Lamont signed a bill into law last week establishing a system for early voting for general elections, primaries and special elections. Connecticut is one of the last four states to allow early voting. With the bill’s signing only Alabama, Mississippi and New Hampshire still do not permit early voting.
Conn.: New state budget includes historic tax cuts
The Connecticut General Assembly has voted to approve the fiscal year 2024 and 2025 state budget. The new budget includes the largest income tax cut in state history, as well as increases to the Earned Income Tax Credit. The budget also included significant increases in funding for affordable housing, child care and K-12 education. Gov. Lamont praised bipartisan lawmakers for passing the budget with an overwhelming majority of 139-12 in the House and 35-1 in the Senate.
N.J.: NJYIP installs 2023-24 officers and elect directors at annual business meeting
NJYIP elected its officers and directors earlier this month during its annual business meeting, which was part of the Annual Conference hosted by PIANJ and PIANY. The NJYIP officers installed were: President: Peter Leone of Hiscox, in New York, N.Y.; First Vice President: Timothy Latimer of The Barclay Group in Riverton, N.J.; Vice President: Michael S. DeStasio of N2G Worldwide, in Jersey City, N.J.; Treasurer: Josh McManigal of LG Insurance Agency in Long Branch, N.J.; Secretary: Walter Conroy of Liberty Insurance Associates in Millstone Township, N.J. Alyssa Delaney will serve as immediate past president. The following individuals will serve as directors with terms expiring in 2025: Lila Khiry Cirillo of PuroClean in Secaucus, N.J.; Bart DiMattina of JBL Trinity Group in Atlantic Highlands, N.J.; Amanda Gallo of Hub International in Summit, N.J.; Kaiti Loughlin of Hanson & Ryan Agency Inc., in Totawa, N.J. Shanna Muscavage of Iroquois Group in Lancaster, Penn.; and Lauren Scott of Imperial PFS in Philadelphia, Penn.
N.Y.: Report highlights crisis in LTC insurance market
The New York State Department of Financial Services released a report analyzing the long-term care insurance market. The LTC market has been suffering from a historic mispricing crisis, which has caused premiums to rise exponentially. Many insurers have been abandoning the market. The report was commissioned by Superintendent Adrienne Harris earlier this year.
N.Y.: Gov. Hochul announces workplace rights law for parents
Gov. Kathy Hochul announced a new state law requiring workplaces to provide private pumping stations for nursing mothers. The bill was signed into law last December, and it requires workplaces to provide a convenient alternative location other than a bathroom for breast milk expression. According to the law, private pumping spaces must include seating, a flat surface, electrical outlet and access to running water.
NYC files lawsuit against Hyundai and Kia, joins other cities
According to a filing made in the U.S. District Court in the Southern District of New York the city is suing Hyundai and Kia for not installing engine disabling devices, which prevent certain models from being stolen. A recent social-media challenge showing how to hot wire the cars using a USB cable led to an estimated 660% increase in thefts of those models in New York City in the first four months of 2023.
N.Y.: ‘Bait and switch’ bill passes state Senate
PIANY’s 2023 legislative priority came one step closer to becoming law as the “bait and switch” bill passed the New York state Senate unanimously last Thursday. The bill would require insurance companies to make a good faith attempt to verify a driver’s driving history before binding and accepting down payment on an auto insurance policy. PIANY strongly supported the passage of S.5764B and would like to extend a big thank you to Sen. Neil Breslin, D-46, for his continued leadership on this issue. Bait-and-switch legislation previously passed the state Assembly in March. However, since S.5764B was amended, the Assembly will be required to pass an identical version of the bill (referred to as a same-as bill). Currently, PIANY is advocating for Assembly leadership to pass a same-as and anticipates that the Assembly will do just that.
Educating insurance agents
Need CE on the new NFIP?
Last year, the Federal Emergency Management Agency finished making the biggest change to the National Flood Insurance Program in the last 40 years. Instructor Steven D. Lyon, CPCU, CIC, CRM, CRIS, AAI, ARM, AIS, MLIS, AFIS, will lead Understanding the New NFIP, tomorrow, June 16, starting at 9 a.m. Lyon will explain how to identify flood areas properly and how to use the most recent online resources available to agents. He also will discuss the ins and outs of the NFIP/Write-Your-Own Program and the private and excess flood insurance markets. This course satisfies the New York State Department of Financial Services enhanced flood requirements. And, it has been approved for continuing-education credits in Connecticut (3 PC), New Hampshire (3 FEMA Flood PROD), New Jersey (3 NFIP Flood), New York (3 BR, C3, PA, PC), and Vermont (3 Flood).
NJYIP Fun Run raises over $80,000 for Special Olympics
The NJYIP 39th Annual Fun Run was held as part of the PIA Annual Conference hosted by PIANJ and PIANY last week in Atlantic City. Over 70 runners participated in this year’s event—and fundraisers and sponsors raised over $80,000 to benefit Special Olympics New Jersey. Special Olympics Athlete Cameron DiTroia took first place overall this year with an outstanding time of 16:49. Additional top male finishers included Ed Chadwick in second place (22:06); and David Mojica in third place (22:45). Top female finishers included Claire Goble in first place (26:47); Mary Boyd in second place (28:45); and Kelly Raser in third place (28:59). Congratulations to all the fundraisers who got support for this event. This year’s top fundraisers: top overall individual fundraiser: Ken Bull with $3,619; top agency fundraiser: Jimcor $4,070; and top company fundraiser: FMI $21,080.
Insurance rock stars, rockin’ events at Annual Conference
Some 1,500 insurance professionals gathered at the Annual Conference hosted by PIANJ and PIANY, at the Hard Rock Hotel Casino in Atlantic City on June 4-6, 2023. Those who wanted to grow their relationships and industry connections; energize their businesses; and increase their knowledge found just what they were looking for during this multiday event. There were new ventures—from participating in a mock cyberattack, to a keynote address by America’s funniest motivator, Ross Shafer, to a Deep Dive Live on Leveraging Technology—to time-tested favorites—from a sold-out trade show, to the Nighttime Beach Party featuring the Goodman Fiske Band, to the 39th Annual NJYIP Fun Run to benefit Special Olympics New Jersey—everybody who attended the event could find something that benefited their business and clients. Check out the event—including photos.
Tuesday, June 20, 2023: CTYIP Golf Outing
Thursday, June 29, 2023: PIANJ Women’s Leadership Alliance Pickleball Tournament
Monday, Aug. 7, 2023: NY-YIP Annual Golf Open
Monday, Oct. 2, 2023: PIANJ Golf Classic—40th Anniversary
Save the date
Thursday, Oct. 12, 2023: CTYIP Awards Gala
Thursday, Nov. 2, 2023: Capital RAP