News
We’re building something big in New York—Welcome back to MetroRAP 2025
Come join PIANY in building an unforgettable MetroRAP this winter. It will be held at the Sheraton Hotel on Wednesday, Jan. 29, 2025, right in the heart of Times Square. This event will feature two education sessions—approved for continuing-education credits—that will provide valuable knowledge for independent insurance agents who operate in New York City. Measure Twice, Insure Once? Insuring NYC Contractors, Property Owners & Tenants, will navigate the complex insurance market of the most populous city in the United States. E&O Pitfalls when Insuring Construction/Renovation Projects^UN^AZ will teach attendees how to avoid errors-and-omissions risks, understand New York City regulations and provide guidance on claims handling and documentation best practices. The event also will feature a trade show, where you can network with your fellow professionals and acquire new tools to help expand your business. Also remember—on Tuesday, Jan. 28, 2025, join NY-YIP for its MetroRAP Welcome Reception: separate registration required. This will be a great opportunity for networking and fun. Don’t miss out: register for MetroRAP 2025 now and save 15%. Sponsor, exhibit or advertise here.
Swiss Re: Extreme weather continues to drive insured losses
With 2024 set to become the hottest year on record so far, Swiss Re announced that climate-change fueled natural catastrophes and floods have cost insureds $135 billion this year. This the fifth consecutive year in which these two phenomena crossed the $100 billion threshold. Swiss Re assesses that flood risk is rising globally with intense floods striking parts of Europe and the United Arab Emirates. It also calculates that “two thirds of this year’s insured losses are attributable to the U.S.” due to Hurricanes Helene and Milton and the high frequency of severe thunderstorms in the region.
AM Best: Private passenger auto insurance outlook stable
After improvements in the auto insurance sector in 2023 and its stabilization in the first half 2024, AM Best has upgraded its outlook on the personal auto segment from “negative” to “stable.” In AM Best’s Market Segment Report, Private Passenger Auto: On the Road to Recovery, the credit rating agency found that “the direct physical damage loss ratio for the personal auto segment dropped by 16 percentage points in the first half of 2024 compared to the same period in the previous year, reaching 63.2.”
N.Y.: New law lets workers file WC for work-related stress
New legislation was signed by Gov. Kathy Hochul on Dec. 6, 2024, which allows any worker to file for workers’ compensation for “specific types of mental injury premised on extraordinary work-related stress.” This expands coverage to all workers in New York state—previously, only certain first responders were eligible for such benefits.
Advocacy
PIA action alert: Extend the NFIP
This week, PIA sent a letter to congressional leaders requesting that they reauthorize the National Flood Insurance Program beyond its current Friday, Dec. 20, 2024, expiration date and for as long a period as possible. Congress’s inability to pass a long-term reauthorization has had substantial ramifications for policyholders and agents—that’s why your legislators need to hear from you—the members of the independent agent community—that the NFIP urgently needs to be reauthorized.
Technical
Insurance challenges posed by bobtails and deadheads
When a truck doesn’t have a tail attached to it, that’s a bobtail. When a truck is carrying an empty trailer, that’s a deadhead. You’ve probably seen a fair share of them in your town, on turnpikes and on thruways. These instances of trucks being used in a nontrucking capacity carves out their own niches in terms of insurance coverage. For more information, PIA Northeast members can access Of bobtails and deadheads in the PIA QuickSource library.
NHID releases annual report
The New Hampshire Insurance Department has released its 173rd Annual Report, detailing key accomplishments, regulatory advancements and financial highlights for Fiscal Year 2024, which lasted from July 1, 2023, to June 30, 2024. The report highlighted the consumer benefits, financial impact, regulatory ability, coverage costs and expanded services of the Granite State’s insurance department. The report also emphasized the department’s efforts to modernize itself.
NYCIRB releases statistics report
The New York Compensation Insurance Rating Board has posted its 2024 Experience Rating Program Statistics, which details the information and statistics impacting the New York revised experience rating program that went into effect on Oct. 1, 2022.
Educating insurance agents
Get your brand out there with webinar sponsorship!
PIA’s live online events aren’t just approved for continuing-education credits: they provide valuable insights into the insurance landscape and consistently attract industry professionals. As a PIA webinar sponsor, your brand and logo will receive prominent recognition in the hundreds of webinars we host in a year. Sponsors logos appear on the schedules, the pre-class communications, and throughout the live presentations. For less than $5 per live event, you can expand your reach to thousands of members and nonmembers across Connecticut, New Hampshire, New Jersey, New York, Vermont and beyond! The new year is just around the corner—don’t wait, promote your brand for 2025!
Events
Wintertime fun at the NJYIP Holiday Social
The NJYIP Holiday Social was a holly jolly success! Seasonal cheer was spread, ugly sweaters were worn, and industry professionals were honored. Over 60 industry professionals attended to have fun and honor the 2024 NJYIP of the Year—NJYIP’s Second Vice President Walter Conroy of Liberty Insurance. NJYIP thanks everyone who was able to sponsor and attend this annual tradition! Without their support, events like these wouldn’t be possible. See photos of the event here.
Register now
Wednesday, Jan. 15, 2025: CTYIP Holiday Social
Tuesday, Jan. 28, 2025: NY-YIP Welcome Reception
Wednesday, Jan. 29, 2025: MetroRAP—Interested in sponsoring, advertising or exhibiting?
Tuesday, March 4, 2025: NJYIP Swing and Connect
Wednesday, March 19, 2025: Connecticut Convention Welcome Reception
Tuesday, March 25, 2025: NY-YIP Pre I-Day Happy Hour
Save the date
March 20-21, 2025: Connecticut Convention—Interested in sponsoring, advertising or exhibiting?
Wednesday, May 7, 2025: NJYIP Golf Reception
June 8-10, 2025: PIANJ | PIANY Annual Conference
Tuesday, July 24, 2025: NJYIP Summer Reception
Monday, Aug. 11, 2025: NY-YIP Annual Golf Outing
