Weekly Dispatch: May 23, 2024

May 23, 2024


PIA’s 2024 Market Trends Survey

PIA Northeast members are reaching out to the association about all sorts of things they are seeing in the industry as we navigate this hard-market cycle. PIA Northeast would like input from agents and brokers so that we can gauge how current market conditions are affecting your business. Take a moment to participate in PIA’s 2024 Market Trends Survey, which asks eight questions about how current market trends—in personal auto, personal homeowners, commercial property and commercial liability—are affecting you and your clients. We have added a couple of additional questions this year related to satellite imagery and commission levels. Your input will allow us to track the trends in the marketplace. Share this link with everyone in your agency and encourage them to take the survey. To see the results from previous years’ surveys, PIA Northeast members can click here.

Mary Anne Cecchetto returns to PIA Northeast as the director of membership

PIA Northeast welcomes back Mary Anne Cecchetto as the new director of membership. Cecchetto has nearly 38 years of experience in the insurance industry, serving as a sales & retention representative for 14 years and 13 years as a membership liaison, retention specialist, licensed sales executive and marketing representative at PIA Northeast. She will oversee the operations of PIA Northeast’s membership growth, engagement, on-boarding, recruitment and retention activities. Part of realizing those goals is making sure members and nonmembers are helped, understood and guided.

Reuters: US Coast Guard studying risk of collapse for bridges

The U.S. Coast Guard said it is evaluating whether other bridges nationwide are at risk after a cargo ship crashed into the Francis Scott Key Bridge in Baltimore in March, killing six people and destroying the Patapsco River crossing. In April, the FBI opened a criminal probe into the collapse. Maryland estimates it will cost $1.7 billion to $1.9 billion to rebuild the bridge and anticipates completion by fall 2028.

N.J.: Suite of reforms for climate resilience announced

Gov. Phil Murphy and Commissioner of Environmental Protection Shawn M. LaTourette announced the administration’s intent to modernize a suite of Department of Environmental Protection regulations to better protect New Jersey communities from coastal flooding, sea-level rise and other public health and safety risks that are increasing due to climate change. The forthcoming rule proposal, known as REAL—Resilient Environments and Landscapes—is a comprehensive update of land resource protection regulations to address the current and future impacts of a changing climate.

New York to invest in climate resiliency

Gov. Kathy Hochul announced nearly $300 million in climate resiliency funding during Pope Francis’s three-day summit, “From Climate Crisis to Climate Resilience.” This funding supports new grant opportunities made available this week to build upon New York’s sustained investments to protect communities from the devastating impacts of climate change, particularly those communities most vulnerable to pollution, flooding, extreme heat and other effects of a warming climate.

N.Y.: State canal system to receive critical infrastructure

As part of the state’s FY 2025 Enacted Budget, a $50 million capital investment was announced for the New York state canal system. This investment will focus on high-priority infrastructure needs including the rehabilitation of water-impounding structures that have been in service for more than a century. The funding is part of a comprehensive effort by the New York Power Authority and New York State Canal Corp., to revitalize the canal system.

N.Y.: Construction begins on Suffolk County affordable housing units

On May 17, 2024, it was announced that construction has begun on The Grove, a 55-unit mixed-use, affordable and supportive housing development in East Patchogue. The newly constructed three-building development includes 17 apartments for residents in need of support services. All 55 apartments will be available to households earning at or below 90% of the Area Median Income. Rental and operating subsidies for these units will be funded through an Empire State Supportive Housing Initiative award administered by the New York State Office of Temporary and Disability Services.


N.J.: Guidance issued on protections for remote workers

Attorney General Matthew J. Platkin and the Division on Civil Rights announced on May 14, 2024, that the DCR has issued guidance to explain that the protections afforded by the New Jersey Law Against Discrimination apply to individuals who work remotely for New Jersey-based employers—even if they work remotely from outside of New Jersey or reside in a different state. The LAD prohibits employers from discriminating based on actual or perceived sexual orientation, gender, gender identity, gender expression, age, race, color, national origin, ancestry, religion, disability and other protected characteristics.

Vt.: DFR participates in climate data call

The Department of Financial Regulation is participating in nationwide efforts to collect and analyze insurance claim information that will provide important insights into property insurance market costs, coverages and protection gaps. State insurance regulators working through the National Association of Insurance Commissioners in March issued the Property & Casualty Market Intelligence Data Call, and data collection is ongoing through Thursday, June 6, 2024.


House farm bill draft includes PIA-priority legislation

House Agriculture Committee Chairman Glenn “GT” Thompson, R-Penn., recently released the title-by-title summary of the draft Farm Bill. A key piece of legislation that PIA strongly supports and helped develop, the Ensuring Access to Risk Management Act of 2024, is included in the House draft. The relevant provisions will reinstate an inflation adjustment applicable to the cap on Administrative and Operating Expenses and establish a minimum A&O reimbursement rate for specialty crop insurance policies.

N.Y.: Multiple insurance-related bills introduced in the Senate and Assembly

As the New York legislative session is less than two weeks away from wrapping up, many new bills are being introduced, some of which are related to the insurance industry. This includes, a bill that would update business interruption insurance to cover businesses not affected by physical damage, an amendment that would prohibit insurers from adjusting premiums and coverage based on the dog breeds an insured renter owns, a bill that would introduce parametric insurance to the New York state marketplace, and a bill that would amend the Insurance Law concerning anti-concurrent causation clauses in regards to water damage.


How to analyze coverage and ask the right questions

Learning about insurance coverages can be difficult, as it often begins with a simple statement and branches out into a complex web of policy provisions and technicalities. However, the very best instructors will provide the tools for agents to approach each coverage, rather than overwhelming them with every single possible permutation. An independent agent should be equipped with the right questions to ask to get at the root of any scenario involving insurance coverages. PIA Northeast members can learn more by reading Asking the right questions in the PIA QuickSource library.

NYCIRB files the 2024 WC loss cost revision

The New York Compensation Insurance Rating Board filed its annual loss cost indication with the New York State Department of Financial Services, requesting a decrease of 9% in the overall loss cost level in New York state. The filed 2024 loss cost revision includes the Public Actuary’s estimate of the impact of Chapter 352 of the Laws of 2023, which increased the minimum benefit in New York state. Also included in the filing are the explanatory memorandum and supporting exhibits.

Educating insurance agents

Conn./N.J./N.Y.: One day, two courses, topics that qualify for N.Y.’s updated CE regulations

One of an insurance agent’s many responsibilities include maintaining his or her mandatory continuing-education credits. Agents in the tri-state area will have the opportunity to do so, and New York independent agents can obtain two credits in one day, which qualify for New York state’s updated CE regulations for diversity, inclusion and elimination of bias, and flood. On Wednesday, May 29, 2024, Mishell K. Magnusson, CIC, CISR, CPIA, AAI, FIPC, will teach the webinars Diversity, Inclusion and the Elimination of Bias and NFIP—What is a Flood? The former course will be held from 9:30-10:30 a.m., and it has been approved for CE credits in New York (1 BR, C1, C3, LA, LB, LSB, PA, PC). The latter course will be held from 11 a.m.-noon, and it has been approved for CE credits in Connecticut (1 PC), New Jersey (1 NFIP Flood) and New York (1 BR, C3, PA, PC).


Last chance to preregister for the PIANJ | PIANY Annual Conference—experience our stellar trade show

This is your final chance to preregister for the PIANJ | PIANY Annual Conference: preregistration closes on Wednesday, May 29, at noon—avoid higher prices at the door! PIANJ | PIANY Annual Conference will run from June 2-4, 2024, at the Hard Rock Hotel Casino in Atlantic City, N.J. The trade show will feature some 150 outstanding exhibitors, sponsors and advertisers from across the insurance universe, and you will have the opportunity to explore the very limits of your trade as an industry professional. This trade show also will provide you with opportunity to network with your fellow professionals and swap trade strategies. Don’t miss out: register today.


N.Y.: PIA-priority photo inspection law took effect May 15

PIANY’s top-priority photo inspection law (A.3172-A/S.5889) went into effect on May 15, 2024. This legislation makes important changes to New York state’s photo inspection system. The law allows insurance carriers to submit a waiver to the DFS, making photo inspections optional for certain auto insurance customers. This flexibility gives those customers relief from needing to locate and commute to an available photo inspection site to obtain a photo inspection. PIANY would again like to thank all the PIA members who participated in PIANY’s grassroots campaign to advocate for this measure during each stage of the legislative process.

Register now

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

Sunday, June 2, 2024: NJYIP Nitecap—part of the PIA New Jersey | PIA New York Annual Conference

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

Thursday, June 13, 2024: PIWA Spring Reception—sponsorships are available

Tuesday, June 18, 2024: CTYIP Golf Open

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

Save the date

Tuesday, Sept. 10, 2024: NY-YIP Capital Region Fall Reception

Tuesday, Dec. 3, 2024: NJYIP Holiday Social

Thursday, July 25, 2024: NJYIP Networking Reception

Thursday, Aug. 29, 2024: New Hampshire Symposium

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