News
LA fires rack up billions in insurance losses
In reporting from Reinsurance News, analysts at Evercore ISI are estimating that the deadly Los Angeles wildfires will result in losses ranging from $20-25 billion for the insurance industry. They also are anticipating that the fires will be treated as a single event to help primary carriers reach their reinsurance coverage. The multiple named fires have destroyed or damaged more than 12,000 structures collectively. Drought conditions, low humidity and hurricane-force Santa Ana winds have created the perfect fire conditions in Southern California.
N.Y.: PIWA, NESLA merger expands regional outreach
The Professional Insurance Wholesalers Association and the New England Surplus Lines Association have merged. This merger recognizes the importance of the role of wholesalers in the insurance industry, and it will combine the strength of two excess-and-surplus wholesalers associations into one unified front. PIWA is a professional association that represents insurance wholesalers who serve retail insurance producers with specialty and E&S markets in the Northeast. This organization serves as a central resource for wholesale brokers and specialty companies by supporting them through advocacy, education and networking.
Conn./N.J./N.Y.: Severe weather updates in the Northeast
Last week, the Northeast saw severe winter weather, which included freezing cold and precipitation. The states of Connecticut and New Jersey have just lifted their Severe Cold Weather Protocol and State of Emergency, respectively. In New York state, lake effect snow is on its way, expected to impact parts of Western New York, Central New York, Finger Lakes and North Country Regions. Every winter, remember that PIA Northeast will keep its members updated on any winter storms that may affect the Northeast through its PIA Storm Info Central. The tool kit has numerous resources that you and your clients can use to prepare this winter.
N.H.: Gov. Kelly Ayotte sworn in as 83rd governor
The former senator and attorney general of New Hampshire Kelly Ayotte was inaugurated as the governor of the state on Jan. 9, 2025: Ayotte also is a member of the Republican Party. The now former governor Chris Sununu had announced that he would not seek reelection for a fifth term during the 2024 election cycle. He endorsed Ayotte, who ran against the Democratic nominee Joyce Craig, the former mayor of Manchester, N.H., and Ayotte won. Read Ayotte’s full address here.
N.J.: Commission created to eliminate traffic deaths
Gov. Phil Murphy signed a new bill into law, which creates the Target Zero Commission: it has the goal of eliminating traffic deaths and serious injuries in New Jersey by 2040. The 13-member group will consist of state officials from the Department of Transportation, state police, along with the Division of Highway Traffic Safety, the New Jersey Turnpike Authority, regional transportation officials and others who will work together to make New Jersey’s roads safer for drivers and pedestrians. Under the law, the commission is directed to propose an action plan within one year of the bill’s signing, with a chance for the public to provide feedback on the proposed plan.
N.Y.: Hochul talks insurance issues, disaster prep in address
Gov. Kathy Hochul delivered her State-of-State address Tuesday that included more than 200 initiatives that will affect New Yorkers in the coming year. As part of her address, she touched on several insurance issues, such as the affordability of homeowners rates, and discussed the importance of being prepared for future disasters. To see how these issues may affect the insurance industry, watch for the upcoming article that will be posted on PIA Northeast News & Media, or see next week’s Dispatch.
N.Y.: Sen. Bailey named as state SIC chair
The New York State Senate Insurance Committee has found its new chair in Sen. Jamaal T. Bailey, D-36. Bailey has served his district since 2016, which includes the city of Mount Vernon in Westchester Country and portions of the Bronx. As chair of the Senate Insurance Committee, Bailey will oversee discussions on key industry legislation, including the controversial Private Right of Action for Unfair Claim Settlement Practices. Beyond his work in insurance, Bailey has been an advocate for criminal justice reform, civil legal service expansion and educational equity. He has emphasized the importance of addressing systemic barriers and creating opportunities for underserved communities. PIANY looks forward to working with him during the current legislative session.
Compliance
N.Y.: Cyber series: Non-New York businesses advice
Every agent who does business in New York state—even if they are agents who lacks a physical or financial presence in New York state—may be affected by New York’s cyber security regulation (23 NYCRR 500). Remember: You need to prove you were in compliance with the state’s cyber security regulations for 2024 by Tuesday, April 15, 2025. If you are licensed in New York state, this compliance needs to be completed each year. Do you need help? PIA Northeast members can contact the PIA Industry Resource Center, which can offer step-by-step directions to make this process easier. Call (800) 424-4244 or email resourcecenter@pia.org.
N.Y.: First-in-the-nation PPL policy takes effect
New Year’s Day 2025 marked New York becoming the first state in the country to offer paid time off for prenatal care or any medical care related to pregnancy. New York state Labor Law Section 196-b has now been amended to provide employees with 20 hours of paid leave time per year, in addition to any other available leave options, to be used for prenatal health care service appointments during their pregnancy or related to their pregnancy. How must independent insurance agents comply with this law?
Advocacy
N.J.: Legislative priorities for 2025: Advancing fairness and consumer protections
The PIANJ has set an ambitious legislative agenda for the 2024-25 session, championing reforms that promote fairness, transparency and consumer protection. By advocating for key legislative changes, PIANJ continues its mission of supporting insurance professionals, their businesses and the insurance-buying public. This includes advocacy for a step-down clause ban, lawsuit lending regulation, insurance requirements e-bikes and e-scooters and allowing insurance procedures to assert a comparative negligence defense. Here’s a closer look at PIANJ’s priorities for this legislative session.
N.Y.: Repealing outdated anti-arson applications
For decades, New York’s Section 3403 of the Insurance Law has required property owners to complete an annual anti-arson application as a condition for obtaining property insurance coverage for fire or explosion damages. While this mandate was created in the late 1970s to address a spike in arson cases in major cities, the requirement has become outdated and counterproductive, causing significant harm to consumers. PIANY advocates for the repeal of this outdated requirement, and it urges the passing of legislation that would do so, like A.112, which has been reported to committee in the state Assembly.
Technical
The limits of insurable interest
To determine whether a claimant will be paid in an insurance claim, its legitimacy is tested in two ways: the claimant must be an insured under the policy, and the insured must have an insurable interest. How insurable interest is gauged changes from context to context and goes beyond mere ownership of property. For more information, PIA Northeast member can access Insurable interest—how far will it stretch? in the PIA QuickSource library.
Educating insurance agents
Conn./N.J./N.Y.: ISO coverage exclusions and limitations
Take a look at coverage exclusions and limitations in the most current ISO Homeowners 3–Special Form and the ISO Personal Auto Policy by attending the 2024-2025 CISR OPLS: Other Personal Lines Solutions webinar. This course will be held on Wednesday, Jan. 22, 2025, from 8 a.m.-3:45 p.m., and will be led by Daniel G. Fink, CIC, CRM, AAI, CPCU, CRIS. This class has been approved for CE credits in Connecticut (7 PC), New Jersey (7 GEN) and New York (7 BR, C3, PA, PC).
Events
Build something incredible at MetroRAP 2025
Time is running out to register for MetroRAP 2025: it’s PIANY’s premier Regional Awareness Program located in the heart of New York City at the Sheraton Times Square Hotel. On Wednesday, Jan. 29, 2025, you will have the opportunity to network with your fellow insurance professionals and expand your knowledge base for insuring properties in New York City. Also don’t forget to register for the pre-MetroRAP Welcome Reception, hosted by NY-YIP—have an enjoyable evening with your peers before digging into MetroRAP. Register for NY-YIP MetroRAP Welcome Reception here. Also register for MetroRAP 2025—sponsor, exhibit or advertise here.
ICYMI
N.J.: Home elevation contracting in the Garden State
New Jersey has implemented the Home Improvement and Home Elevation Contractor Licensing Act, which brings in new licensing requirements, insurance standards and operational regulations for contractors in the state. The law went into effect on Jan. 1, 2025, and aims to enhance accountability and protect consumers engaging in home improvement or home elevation services. For more information, PIA Northeast members can access Understanding the New Jersey “Home Improvement and Home Elevation Contractor Licensing Act” (P.L. 2023, c.237) in the PIA QuickSource library and Home-elevation contractor in the Ask PIA database.
Register now
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
March 20-21, 2025: Connecticut Convention—Interested in sponsoring, advertising or exhibiting?
Tuesday, March 25, 2025: NY-YIP Pre I-Day Happy Hour
Wednesday, March 26, 2025: Buffalo I-Day
Save the date
Wednesday, May 7, 2025: NJYIP Golf Open
June 8-10, 2025: PIANJ | PIANY Annual Conference
Tuesday, June 10, 2025: NJYIP Fun Run
Tuesday, June 17, 2025: CTYIP Golf Open
Thursday, July 24, 2025: NJYIP Summer Reception
Monday, Aug. 11, 2025: NY-YIP Annual Golf Outing