News
HV RAP: Register for Hudson Valley’s premier insurance event
PIANY’s Hudson Valley Regional Awareness Program is back for 2024. This year, it will be held on Wednesday, Nov. 6, 2024, at the Crowne Plaza hotel in the scenic New York town of Suffern. There is something for everyone at HV RAP: its novel trade show will be a benefit for insurance producers in the region. The role of artificial intelligence in the insurance industry will be the focus for this event: instructor Jim Venezia, CPCU, CCIS, CCIC, will lead the class The Intersection of Artificial Intelligence and Commercial Insurance. This class has been approved for continuing-education credits in Connecticut, New Jersey and New York. Keynote Speaker John Chapin will discuss how AI can impact sales. This event also will feature an address from the newly elected PIANY President Rich Andrews, LUTCF, during which he will discuss his vision for the association. Attendees will network with fellow insurance professionals at the Keynote Luncheon and the Networking Cocktail Reception, hosted by the NY-YIP. Don’t miss out: register for HV RAP now and save 15%. Sponsor, exhibit, or advertise here.
PIA National appoints Michael Skiados, MBA, CAE, as CEO
PIA National has named Michael Skiados, MBA, CAE, as CEO following an extensive search process; he was appointed on Sept. 24, 2024. Skiados will join the organization on Tuesday, Oct. 15, 2024. He is a leader in association growth and management with more than 20 years of experience running membership, education, marketing and operations for a variety of large associations. At PIA, Skiados will focus on identifying ways to better serve members and affiliates, including creating new products and services, and education, leveraging PIA’s Certified Professional Insurance Agent designation. He also will work closely with the PIA Partnership, the organization’s carrier council, and its Technology Council.
Triple I: E&S lines see growth due admitted market changes
Excess-and-surplus lines have seen a surge in growth for five consecutive years by double-digit percentage rates. Solid underwriting results continue to drive operating profitability due to emerging new risks and declining capacity in admitted markets, according to the Insurance Information Institute’s latest issues brief, Excess and Surplus: State of the Risk. According to the brief, analysts in 2020 had projected continued growth for the E&S market, with estimates predicting total premiums would reach as high as $125.9 billion by 2027, at a 15.2% compound annual growth rate. Whether the E&S market can sustain that level of top-line growth hinges upon several factors including regulation that fosters flexibility. E&S may be sensitive to regulatory changes—a real possibility given significant political changes for 85 of the 99 state legislative chambers in the U.S. If you are interested in reading more about the E&S marketplace you can see the May issue of PIA Magazine, which can be found in the Media Gallery on PIA Northeast News & Media.
September consumer content round-up
September is almost over; did you have the chance to review this month’s consumer content? Our consumer content provides an excellent conversation starter when it comes to introducing different types of insurance or business practices to your clients. This month, PIA Northeast News & Media published; the best way to connect with your Millennial and Gen Z clients; a guide to creating a sustainable business model amidst a backdrop of growing environmental concerns; and the most common mistakes digital marketing campaigns make.
Conn.: Major disaster declaration approved
Gov. Ned Lamont announced on Sept. 20, 2024, that President Joe Biden has approved his request for a major disaster declaration due to the historic rainfall and extreme flooding that impacted towns and cities in western Connecticut on Aug. 18, 2024. With the declaration’s approval, federal funding available to affected individuals in Fairfield, Litchfield and New Haven counties. Assistance can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses and other programs to help individuals and business owners recover from the effects of the disaster. Funding for hazard mitigation measures to be implemented statewide also have been authorized.
N.H.: Amicus brief defends state-based insurance regulation
The New Hampshire Insurance Department has joined 13 other states in filing an amicus brief with the United States Court of Appeals for the Seventh Circuit in support of the Property Casualty Insurers Association of America and the American Property Casualty Insurance Association. The appeal challenges the U.S. Department of Housing and Urban Development’s application of its disparate-impact liability rule to risk-based pricing and underwriting practices in homeowners insurance.
N.Y.: Major disaster declaration for Storm Debby approved
The Federal Emergency Management Agency announced that federal disaster assistance is available to New York state to supplement recovery efforts in the areas affected by the remnants of Tropical Storm Debby from Aug. 8–10, 2024. Public assistance federal funding is available to the state, tribal and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work and the repair or replacement of facilities damaged by Tropical Storm Debby in Allegany, Broome, Delaware, Essex, Franklin, Jefferson, Ontario, Steuben, St. Lawrence and Yates counties. Federal funding also is available on a cost-sharing basis for hazard mitigation measures statewide.
NY-YIP install 2024-25 officers and elect directors
The NY-YIP elected officers for 2024-25 during its annual business meeting the week of Sept. 16, 2024. The NY-YIP officers installed were: President: Scott Richards of Hilltop Strategies in Huntington Station. First Vice President: Peter Conte of Honig, Conte, Porrino Insurance Agency in New York City. Second Vice President: Tyler Molina of Lawley Service Inc., in Buffalo. Treasurer: Matt Davoult of AFCO Direct in Garden City. Secretary: Harriet Thomas of United States Liability Insurance Co., in Greenfield. Immediate past President: Ed Chadwick of Jencap Group in Buffalo. The following individuals will serve as directors with terms expiring in 2026: Dave Campese of WH Greene & Associates, Hamburg; Andrew Collora of First Insurance Funding, New York; Matthew Davoult of AFCO Direct, Garden City; Marshall Glass of The Iroquois Group, Astoria; Natalie Golubski of Jencap Group, Buffalo; Jay Greene of Blitz Insurance, New York City; Manny Midy of Hagerty Insurance Co., New Hyde Park; Tyler Molina of Lawley Service Inc., Buffalo; Amanda Musico of Agents Advantage, Cortlandt Manor; and Scott Richards of Hilltop Strategies, Huntington Station.
Advocacy
PIA Northeast goes to Washington, D.C.
Independent insurance agents from across the country convened in Washington, D.C., Sept. 18-19 for the 2024 PIA National Federal Legislative Summit. With legislation impacting businesses and consumers at stake, agents met with members of Congress to ensure their voices were heard. Representatives from PIACT, PIANH, PIANJ and PIANY were present for the summit. Some of the pressing issues agents advocated for while on Capitol Hill was the long-term reauthorization of the National Flood Insurance Program, consumer protection from direct-to-consumer flood insurance, safeguarding crop insurance and agent compensation, defending the state-based insurance system and securing permanent tax relief for independent agencies.
AP.: Federal spending deal reached, NFIP likely to be extended
The Associated Press has reported that on Sept. 22, 2024, Congressional leaders announced a short-term spending bill that will fund federal agencies for about three months, averting a possible partial government shutdown before the new budget year and leaving final budget decisions until after the November election. The NFIP is among the programs receiving temporary funding from this agreement. Most agencies are continuing to be funded at their current levels, except for the Secret Service, which is receiving an additional $231 million.
Technical
The difference between claims-made and occurrence trigger
The policy with a long tail is known as an occurrence liability policy. With this policy, the covered event—an occurrence—must take place during the policy term. Once that condition is met, a claim arising out of that occurrence will be covered regardless of when it is presented. As an alternative, the insurance industry conceived a way to make a single policy respond with contemporary limits to a claim presented during the current policy term. For exposures having long tails, insurers now offer a claims-made policy instead of an occurrence policy. For more information, PIA Northeast members can access Claims-made vs. occurrence trigger in the PIA QuickSource library.
Conn: NCCI files 6.1% reduction in WC loss costs
The National Council on Compensation Insurance is proposing that the Connecticut Insurance Department approve an overall average decrease of 6.1% to the current voluntary loss costs and an average decrease of 6.2% to the current assigned risk rate level. The new loss costs and assigned risk rates in the filing are scheduled to take effect on Wednesday, Jan. 1, 2025. The CID has declared a 30-day period of public comment on the filing but does not intend to hold a public hearing. Rather, interested parties are encouraged to provide comments concerning the subject filing to the Property & Casualty Division via email at cid.pc@ct.gov.
NJCRIB files 6.9% reduction in WC rates
The New Jersey Compensation Rating and Inspection Bureau announced that it submitted a filing to the Department of Banking and Insurance to seek a 6.9% decrease in the overall premium and rate level effective Wednesday, Jan. 1, 2025.
Accolades
PIA names winners, Company Representation Survey
PIA Northeast would like to congratulate the following individuals for winning the drawing from our recent PIA Northeast Company Representation Survey: David Gazaway Jr., Allied Insurance Agency Inc., Bow, N.H.; Tom Massotti, High Ridge Agency, Stamford, Conn.; John Erickson, Morning Star Insurance Agency Inc., Hawthorne, N.J.; and John D. Nichols, Nichols Pond Insurance Agency, Walton, N.Y. If you have yet to return your survey, please take a few minutes to complete the personalized survey and return it to PIA’s Industry Resource Center. It can be emailed to resourcecenter@pia.org, faxed to (888) 225-6935 or mailed to PIA, P.O. Box 997, Glenmont, NY 12077-0997. If you need another copy to update, contact PIA’s Industry Resource Center at resourcecenter@pia.org. Your survey results allow PIA Northeast to keep you informed on company activities that have a direct impact on your agency.
Educating insurance agents
Learn about agent ethics and legal responsibilities
Independent agents’ knowledge of ethics and law is one of their most important assets. Expand these areas of your knowledge with the webinar Ethics for You and Your Professional & Legal Responsibilities. This course will be led by Kathleen A. Fraley, CIC, CPIW, on Tuesday, Oct. 15, 2024,from 12-3 p.m. This course has been approved for CE credits in Connecticut (3 PC), New Jersey (3 ETH) and New York (3 BR, C1, C3, LA, LB, LSB, PA, PC, TIA).
Events
PIANJ Women’s Leadership Alliance luncheon: register today
The PIANJ Women’s Leadership alliance will be hosting a luncheon on Thursday, Oct. 17, 2024, from 11:45 a.m.-2 p.m. This luncheon will be held in the upstairs ballroom of the Galloping Hill Golf Course in Kenilworth, N.J. In addition to networking with your industry peers and enjoying the wonderful food, there will be a presentation by Meg McKeen. She will lead an interactive discussion addressing imposter syndrome, strategies for overcoming burnout, and the challenges women face in mid-life careers. With her CIC designation and extensive experience in the insurance industry, McKeen also hosts the Bound & Determined Podcast and advocates against inequities in the field as a digital nomad. Register for the luncheon today.
ICYMI
N.Y.: Revised WC loss costs take effect Oct. 1, 2024
In May, the New York Compensation Insurance Rating Board submitted an application for an overall loss cost decrease of 9% to the New York State Department of Financial Services. The DFS approved the application as filed with an effective date of Tuesday, Oct. 1, 2024. Although the average change in classification loss costs is -9%, changes to individual classification loss costs can vary significantly. The NYCIRB has released Bulletin 2608, which contains the new loss costs by classification and a comparison by classification between the new loss costs and the 2022 loss costs. For a summary of the changes written by PIANY, see the related article on PIA Northeast News & Media.
Register now
Thursday, Oct. 3, 2024: CTYIP Golden Gala Awards
Thursday, Oct. 17, 2024: PIANJ Women’s Leadership Alliance Presents: An Afternoon with Meg McKeen
Monday, Oct. 21, 2024: Disaster at your Doorstep: Disaster Planning and Continuity Strategies for the Personal and Commercial Lines Client—Free webinar to YIP members in Connecticut, New Jersey and New York; $25 PIA Northeast members; $50 nonmembers
Wednesday, Nov. 6, 2024: Hudson Valley RAP—Sponsor, exhibit or advertise
Tuesday, Dec. 3, 2024: NJYIP Holiday Social
Save the date
Tuesday, Oct. 29, 2024: New Jersey Deep Dive: The Perfect E&O Storm
Wednesday, Jan. 29, 2025: MetroRAP
March 20-21, 2025: Connecticut Convention
June 8-10, 2025: PIANJ | PIANY Annual Conference
