News
PIANJ | PIANY Annual Conference a stellar success
Over 1,600 insurance professionals from across the cosmos ventured to the Hard Rock Hotel & Casino Atlantic City from June 2-4, 2024, for the PIANJ | PIANY Annual Conference. They attended insightful education seminars hosted by PIA’s best instructors, unlocked the secrets of customer service with Corporate Entertainer Chris Blackmore, explored the best services the industry had to offer at the trade show, partied under the stars at the LandShark Bar & Grill with GoodMan Fiske, supported Special Olympics New Jersey at the NJYIP 40th Annual Fun Run, and more! PIA would like to extend thanks to everyone who was able to attend: We hope to see you again next year! Plus, watch your PIA publications for more on the conference, including photos.
PIANJ elect new officers; Harris president
PIANJ elected its new officers for the 2024-25 administrative year during its annual business meeting on June 2, 2024. The meeting took place during the PIANJ | PIANY Annual Conference in Atlantic City. Andrew C. Harris Jr., CIC, AAI, CISR, was elected president. He also is president of Liberty Insurance Associates in Millstone Township. Also elected were the following individuals: President-elect: Roger Butler, CIC, of Cinnaminson. Butler is sales and vice president of the Barclay Group in Riverton. Vice president: Beth Frederickson, CPIA, of Fairfield. Frederickson is principal of Voluntary Risk Managers in Fairfield. Vice president: Aaron Levine, CIC, of Long Branch. Levine is member agent for LG Insurance Agency in W. Long Branch. Treasurer: Lisa Hamm, CIC, of New Providence. Hamm is president and owner of Clyde Paul Agency in Summit. Secretary: Michael Beckerman, CPCU, of Millington. Beckerman is partner for Acrisure of New Jersey.
Forbes: PIA Northeast footprint states feature safest drivers
Compiling data from the National Highway Traffic Safety Administration, the Federal Bureau of Investigation, Arity and the Department of Transportation, Forbes Advisor created a ranking for states with the worst drivers. Notably, four of the five states in PIA Northeast’s footprint (Connecticut, New Hampshire, New Jersey and New York) were the states with best drivers, making it into the top five. However, Vermont ranks at 39 in terms of driver safety. Read the full analysis here.
Report: Risk-adjusted p/c rate-on-line 5% lower than average
After notable rate increases in 2022 and 2023, Howden Re, the reinsurance and strategic advisory arm of Howden, has observed a moderation in the property-catastrophe reinsurance market pricing in 2024, with average risk-adjusted property-catastrophe reinsurance rates-on-line 5% lower within a typical range of -7.5% to -2.5%. Whilst there are signs of downward pressure on property-catastrophe reinsurance rates due to capital recovery and increased market capacity, reinsurers remain vigilant. The anticipated active hurricane season and other market factors could still present significant challenges.
Conn.: State funding announced to address flooding
Gov. Ned Lamont who serves as chairman of the State Bond Commission, announced on June 5, 2024, that he has scheduled the commission to vote at an upcoming meeting on the approval of an allocation of $187,500 in state funding that will be used to install pumps at Jobs Pond in Portland to address an ongoing situation in which rising groundwater has been causing flooding in nearby neighborhoods. The pumps will be used to divert groundwater from the pond to the Connecticut River.
N.Y.: Federal assistance available to counties affected by summer flooding
Gov. Kathy Hochul announced federal assistance is available to New Yorkers in Ontario, Orange and contiguous counties who were impacted by last year’s early July flood event. Residents and businesses now are eligible to apply for U.S. Small Business Administration low-interest loans to aid in recovery from the July 9-10, 2023, severe weather event that resulted in significant damage to homes and businesses.
Compliance
N.J.: LSESs are not covered by no-fault law
Low speed electric scooters, or LSESs, have come under recent scrutiny by the New Jersey Supreme Court in the context of insurance coverage and the state’s no-fault law. This occurred after an LSES rider was struck by an automobile. He sought personal injury protection benefits from his automobile insurance policy, and the carrier denied his claim on the grounds that the LSES did not qualify as an “automobile.” Additionally, the court determined that the rider was not a “pedestrian” under the policy terms.
N.Y.: Youth Workers Bill of Rights unveiled
On May 29, the state unveiled its Youth Workers Bill of Rights. It was previously announced as part of the 2024 State of the State address and should protect young workers in the state. New York State Department of Labor developed and distributed the Youth Workers Bill of Rights in partnership with the New York State Education Department and created a vital resource that details essential rights and protections for youth workers.
Pennsylvania Insurance Department issues bulletin on aerial imagery and underwriting
On May 29, the Pennsylvania Insurance Department issued a bulletin on the use of aerial imagery in determining policy nonrenewal or cancellation for homeowners insurance. This comes shortly after the Connecticut Insurance Department issued a similar bulletin on the matter, and both bulletins reached a similar conclusion. The departments found that aerial imagery cannot solely determine whether a roof is damaged, thus justifying an underwriting decision.
Advocacy
N.Y.: PIA-priority C-MAP bill passes state Legislature
Property owners along New York state’s Great Lakes and rivers may soon have increased insurance options. The New York state Assembly passed A.9821, sponsored by Assemblyman Steven Otis D-91, onMay 29, 2024. This legislation would widen the eligibility criteria for Coastal Market Assistance Program, making it a crucial development for both insurance agents and policyholders. Strongly supported by PIANY, the bill promises to enhance the accessibility and affordability of property/casualty insurance across the state.
Technical
2023 net income for p/c insurers lowest in last 10 years
Verisk and The American Property Casualty Insurance Association remarked on full-year 2023 losses for the insurance industry, which they estimate to be $21.1 billion. According to key financial indicators for private U.S. property/casualty insurers, 2023 followed similar trends in underwriting losses to those seen in a difficult 2022. While the estimated industry net underwriting loss of $21.1 billion is lower than the $24.8 billion reported in the previous year, net income is at the lowest level it has been in more than 10 years. In 2023, it declined to $35.7 billion, compared to $44 billion in the preceding year—representing a 19% decrease. Incurred losses and loss adjustment expenses for 2023 increased by 10.1%, while earned premiums grew by 9.9%. The combined ratio—a crucial measure of profitability for insurers—barely changed at 101.6% in 2023 versus 102.4% in 2022.
No ownership, but still exposed: the named non-owner policy
Named Non-Owner Coverage is an endorsement for personal auto policies in which protection is provided for someone who does not own a vehicle, but still has exposures for the operation of non-owned vehicles. For more information about the specifics of this endorsement, PIA Northeast members can read Named nonowner policy in the PIA QuickSource library.
Educating insurance agents
Painting a comprehensive picture of risk management
If you are an agency owner or risk manager, be sure to attend The Alliance’s Control of Risk webinar from June 10-11. This webinar will lead attendees through the common terminology of risk management, as well as leading them to identify the five steps of the risk management process and why those steps are so important in building a risk management program. In addition, it will teach attendees about risk in the context of human resources, property & liability, crisis & disaster planning and claims management. The webinar will be led by former Lloyd’s of London Director Rodney Smith and Stanley Smith, president of SGS Consulting Inc.
Events
Feature your company or agency at the CTYIP Golf Open
CTYIP will hold its annual Golf Open, Tuesday, June 18, 2024, at Lyman Orchards Golf Club in Middlefield. This exciting event is the perfect opportunity to feature your company or agency—sponsorships are available. Don’t miss out on 18 holes of golf in a scramble format, some intense networking, opportunities to sponsor your agency, and a lot of food—a continental breakfast, a picnic lunch, and an apple pie. Not the best golfer? That’s okay. We still want you to come chat with colleagues, so you have the option to register just for lunch. Register today before the event is sold out.
N.Y.: Pretzels, pints and fun at the PIWA Spring Reception
You might want to brush up on your German before heading out to the PIWA Spring Reception. This year it will be held at The Standard Biergarten, NYC on Thursday, June 13, 2024, from 5:30-7.30 p.m. Enjoy the open-air, street-level beer garden, which will serve a variety of sausages, pretzels and drinks for you and your fellow insurance professionals to enjoy. Before it’s too late, register now.
Register now
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
Thursday, July 25, 2024: NJYIP Networking Reception
Thursday, Aug. 29, 2024: New Hampshire Symposium
Tuesday, Sept. 10, 2024: NY-YIP Capital Region Fall Reception
Thursday, Oct. 3, 2024: CTYIP Golden Gala Awards
Tuesday, Dec. 3, 2024: NJYIP Holiday Social
