Weekly Dispatch: Feb. 29, 2024

February 29, 2024


Congress reaches deal on spending: partial government shutdown averted

Per reporting from Reuters, Democratic and Republican leaders in Congress have reached a spending deal that will fund government programs until the end of the fiscal year on Monday, Sept. 30, 2024. This comes after high-level talks with President Joe Biden about funding the government and avoiding a partial shutdown on Friday, March 1, 2024. If a deal was not met on government funding, the National Flood Insurance Program would have lapsed on Friday, March 8, 2024.

Fitch Ratings: U.S. homeowners insurance to improve in 2024

U.S. homeowners insurance carriers face continuing challenges in projecting loss costs and insuring to value amid higher inflation and economic uncertainty, according to a report by Fitch Ratings. Insurance carriers will report an underwriting loss for the sixth time in seven years in 2023, as natural catastrophic loss claims exceeded historical norms. Premium revenue growth tied to recent substantial price increases and more diligent underwriting to manage risk concentrations and aggregations point to improvement in 2024 underlying segment results. However, carriers may continue to struggle to generate underwriting gains depending on catastrophe loss experience, and results will vary considerably.

Reagan: Agents, brokers achieve record growth in 2023

Reagan Consulting reports that the independent insurance agent and broker channel posted an organic growth rate of 10.3% for 2023—the highest annual level achieved since Reagan Consulting launched its quarterly Growth & Profitability study in 2008. Coming off this record growth, agents and brokers are more confident heading into 2024 than they were a year ago, fueled by reports that the U.S. economy remains strong and a recession may not materialize, says Kevin Stipe, Reagan Partner and CEO.

Incorporating video marketing and creating engagement

Making videos is easier than ever, and the benefits it can provide to an agency’s marketing campaign can’t be ignored. However, how do you implement it into your campaign, and what exactly are these benefits? For one, video production can start in-house, or you can outsource the labor. Benefits include increased time spent on your webpage and Google improving your placement in search results. This is just the tip of the iceberg for what video marketing can do for you, and what you need to do to implement it.

N.J.: Boardwalk Preservation Fund grants $100 million to 18 municipalities statewide

Gov. Phil Murphy announced on Feb. 23, 2024, the award of $100 million in Boardwalk Preservation Fund grants to 18 municipalities to assist them in addressing the most critical and necessary capital needs of boardwalks in their communities. Administered by the New Jersey Department of Community Affairs, the grant funding also aims to help Jersey shore communities remain vibrant tourism destinations in the long term by investing in state-of-the-art materials that increase storm resiliency and ensure longer lasting infrastructure.

N.Y.: State releases $6 million grant for cyber risk, resiliency

Gov. Kathy Hochul released an New York State Cybersecurity Grant Plan, which details a whole-of-state approach to reduce cyber risk and build cyber resiliency in local governments statewide, on Feb. 23, 2024. Through the utilization of nearly $6 million in funding through the federal State and Local Cybersecurity Grant Program, this grant program will expand access to cyber security information, tools, resources and services so that public sector entities in New York have access to the most sophisticated cyber defenses.


N.Y.: Cyber series: What is a Class A company?

When New York state’s cyber security regulation (23 NYCRR 500) was amended at the end of 2023, it included the creation of a new type of covered entity referred to as Class A companies. How do companies get this designation? It comes down to their size in terms of manpower and revenue: due to their size, these companies are required to go above and beyond what regular covered entities are required to do under the regulation. Read the most recent installment of the cyber series to learn more. Remember: You need to prove you were in compliance with New York state’s cyber security regulations for 2023 by Monday, April 15, 2024. If you are licensed in New York state, this compliance needs to be completed each year. Do you need help? PIA Northeast members can contact the PIA Industry Resource Center, which can offer step-by-step directions to make this process easier. Call (800) 424-4244 or email resourcecenter@pia.org.


Covering insureds when their sump pump fails

If you have insureds who own basements, they may be aware of the risks that come with this additional space in their houses. Water is liable to build up there, and insureds may have accounted for that by installing a sump pump—a tool that removes water from the lowest point of the basement. However, what if there’s a power outage, the pump fails and the basement floods? Normally, ISO’s homeowners policy doesn’t cover these damages, and the NFIP has specific conditions that must be met. To find the right coverage for these clients before they have a flooded basement, PIA members can access Sump pump failure in the PIA QuickSource library.

Educating insurance agents

Conn./N.J./N.Y.: The fundamentals of agency management

Taking a managerial or leadership position in an agency can be challenging. What type of theories and lessons do you need to apply in your role to create the best possible outcome for your colleagues? The webinar 2024 CIC AM | Agency Management Institute Webinar on March 6-7, 2024, which will be led by Brian Bartosh, CIC, LUTCF; Bruce M. McCreadie, CIC, CPIA, AAI; and Mark A. Palinkas, CIC, will help answer these questions for you. This course has been approved for continuing-education credits in Connecticut (13 LH, 3 LRE, 3 LRE, 13 PC; Conn. licenses can get 13 PC/3 LRE or 13 LH/3 LRE), New Jersey (3 ETH, 13 GEN), and New York (15 BR, C1, C3, LA, LB, LSB, PA, PC, approved for the NYS regulations for ethics and professionalism and insurance law).


Gain valuable education insights at Connecticut Convention

In addition to networking and exploring the latest trends in the insurance industry, PIA’s Connecticut Convention, at Foxwoods Resort and Casino, from March 27-28, 2024, will offer insurance professionals access to salient continuing-education classes. Join PIACT’s Director of Government & Industry Affairs Bradford Lachut, Esq., for his courses on cyber insurance and artificial intelligence, as well as cyber security compliance in the Northeast. Popular instructor Steve Lyon, CPCU, CIC, CRM, AAI, ARM, AIS, CRIS, MLIS, AFIS, TRIP, will lead a course on emerging errors-and-omissions issues, and he will discuss recent E&O court cases and how they may affect insurance producers. These courses have been approved for Connecticut CE credits, so you can earn up to 6 CE credits in two days. Register today at a 15% discount. Sponsorship and advertising opportunities also are available.

N.H.: Learn about the newest p/c developments in the industry

The New Hampshire Insurance Department will host a Property & Casualty Market Symposium on Monday, March 11, 2024, at its office on 21 South Fruit St., Concord. This symposium will include a comprehensive overview of the latest developments in the p/c market. There will be a keynote presentation by Dr. Robert P. Hartwig, PhD, CPCU, clinical associate professor of finance and director, Risk and Uncertainty Management Center, University of South Carolina. Additionally, there will be a panel discussion with: D.J. Bettencourt, commissioner, NHID; Dr. Hartwig; Lee T. Dowgiewicz, CIC, AIC, president & CEO, Co-operative Insurance Cos.; George Roussos, shareholder, Orr & Reno; and James Fox, property & casualty director, NHID. Register for the event here.

Register now

Tuesday, March 5, 2024: NJYIP Swing & Connect

Thursday, March 7, 2024: PIANJ Deep Dive

Tuesday, March 26, 2024: CTYIP Welcome Reception

March 27-28, 2024: Connecticut Convention

Wednesday, April 17, 2024NY-YIP Pre-Buffalo I-Day Event

Thursday, May 23, 2024: PIANJ Women’s Leadership Alliance–Pickleball Tournament and Networking

Save the date

Thursday, March 14, 2024: Seminar: Stay up-to-date on N.J. pay-to-play changes

Tuesday, March 19, 2024: Connecticut Legislative Reception

Thursday, April 18, 2024: PIANY at Buffalo I-Day

Wednesday, May 8, 2024: NJYIP Golf Open

Sunday, June 2, 2024: NJYIP Nitecap

June 2-4, 2024: PIA New Jersey | PIA New York Annual Conference—Want to sponsor, exhibit or advertise?

Tuesday, June 4, 2024: NJYIP Fun Run to benefit Special Olympics New Jersey

Tuesday, June 18, 2024: CTYIP Golf Open

Monday, Aug. 5, 2024: NY-YIP Golf Open

Share This