News
PIA Halloween content for agents and insureds
Happy Halloween! The spookiest day of the year is finally upon us, bringing in all manner of ghosts, ghouls and other monsters. This month, PIA Northeast’s industry experts posted Halloween-themed content on PIA Northeast News & Media. We took a look at some of the most frightening insurance scenarios an agent can come across, like what type of insurance you would need in a horror-movie scenario, coverage against the supernatural, the extraterrestrial, the famous “Ghostbusters ruling” and living in a future world without insurance. We hope you have a safe and fun holiday, and that you enjoy the articles that put a paranormal spin on the industry you are so familiar with.
Triple I: Commercial auto declines in underwriting profitability
The commercial auto insurance market has struggled to achieve underwriting profitability for years, even before the inflationary conditions that have been affecting property/casualty lines more recently. This trend has been accompanied by steady growth in net written premiums according to Triple-I. Triple-I also noted that the declines in underwriting profitability—despite relatively steady growth in premiums written—have been driven by several causes including that vehicles—both commercial vehicles and personal vehicles they collide with—have become increasingly expensive to repair.
PIA National launches commercial-lines market access
PIA National has launched a new program for PIA members to provide them with commercial-lines access to new markets for workers’ compensation, U.S. longshore and harbor, and business owners policy products. The PIA Commercial Lines Market Access program is a result of PIA’s partnership with Agency Resources, a division of Safehold Special Risk, a p/c insurance wholesaler.
Conn.: Council to combat extreme weather, promote resiliency
Connecticut Insurance Department Commissioner Andrew N. Mais announced the formation of the Extreme Weather Mitigation & Resiliency Advisory Council, consisting of a team of subject-matter experts who will explore the development of a mitigation and resiliency program for Connecticut. The Advisory Council will provide recommendations to enhance the state’s resiliency in response to the increasing frequency of extreme weather events, flooding and other climate-related risks.
Conn.: State of emergency declared due to fire conditions
Gov. Ned Lamont declared a state of emergency on Oct. 25, 2024, due to the critical fire weather conditions that exist throughout Connecticut, as well as the continued response to the brush fire at Lamentation Mountain in Berlin and Meriden, which is being referred to as the Hawthorne Fire. During the week prior to the declaration, the National Weather Service issued several advisories regarding the fire conditions in the state, most notably a “Red Flag Warning,” which indicates that critical fire weather conditions are expected or are occurring.
N.Y.: New wildfire risk detection system launched
Gov. Kathy Hochul announced on Oct. 25, 2024, a new real-time weather data tool to help inform New York state residents when there is an increased risk of wildfires. The New York State Department of Environmental Conservation and New York State Mesonet at the University at Albany researchers are utilizing data from the University at Albany’s statewide weather network to generate daily “Fire Danger Ratings” to offer more reliable wildfire information and improve public safety.
Advocacy
N.J. legislative roundup: The latest from Trenton
The New Jersey state Legislature has introduced several bills that would affect residents and businesses in the Garden State. If passed, these bills would allow: bar and restaurant owners to expand their operations into outdoor spaces and sidewalks; driving school instructors to use their own cars for instruction and road tests; homeowners to have protections from quarry blasting; and municipals to place liens on insurance proceeds for fire-damaged properties.
Technical
Coverage for an active-shooter scenario
An active-shooter scenario is terrifying. An active shooter can cause lasting psychological damage, injury and even death. In the context of a general liability policy, how will it to react to an active-shooter negligence claim? Since active-shooter coverage is an emerging coverage, most common policy coverages still should afford coverage for an incident right now, but that may change in the future. For more information, PIA Northeast members can access Active shooter: is there coverage? in the PIA QuickSource library.
N.J.: 2025 WC overall rate level decreases 6.9%
The New Jersey Compensation Rating and Inspection Bureau received approval from the Department of Banking and Insurance for a rate revision of -6.9% to become effective Wednesday, Jan. 1, 2025, applicable to new and renewal policies. The NJCRIB distributed Circular Letter No. 2075 detailing this rate revision, along with other changes presented in Manual Amendment Bulletin No. 515. For a comprehensive review of the changes, see the related article on PIA Northeast News & Media.
Educating insurance agents
Conn./N.J./N.Y.: Hybrid two-day Ruble Graduate Seminar
Mark your calendar for the 2024 Ruble Graduate seminar, running from Nov. 6-7, 2024. This seminar will walk attendees through advanced and specialty topics, feature a network of Certified Insurance Counselors and Certified Risk Managers to connect with and, if you are attending in-person, give you the opportunity to explore a wonderful venue. The webinar version of this course has been approved for continuing-education credits in Connecticut and New York. The in-person version of this course has been approved for CE credits in New Jersey. For detailed CE information, contact the National Alliance at (800) 633-2165.
ICYMI
Upcoming compliance deadlines for N.Y. cyber security regulation: MFA, annual training
PIA Northeast published a seven-part series earlier this year that dove into the intricacies of the amended cyber security legislation in New York state. One article discussed the expansion of the entities that fall under the limited exemption for covered entities. As a follow-up to the series, there is a compliance deadline for New York State Department of Financial Services-licensed individual producers, mortgage loan originators, and other businesses that qualify for such exemptions under Sections 500.19 (a), (c), and (d) of the amended Cybersecurity Regulation that is fast approaching. The regulation requires that the above group has implemented multifactor authentication requirements and provided all personnel at the business at least annual cyber security awareness training pursuant to the amended regulation by Friday, Nov. 1, 2024.
Register now
Tuesday, Dec. 3, 2024: NJYIP Holiday Social
Wednesday, Jan. 15, 2025: CTYIP Holiday Social
Tuesday, Jan. 28, 2025: NY-YIP Welcome Reception
Wednesday, March 19, 2025: Connecticut Convention Welcome Reception
Save the date
Wednesday, Jan. 29, 2025: MetroRAP—Interested in sponsoring, advertising or exhibiting?
March 20-21, 2025: Connecticut Convention
June 8-10, 2025: PIANJ | PIANY Annual Conference
