News
Report: Nuclear verdicts behind carriers leaving markets
Nuclear Verdicts® are causing issues for insurers writing excess auto and real estate business according to Risk Placement Services 2025 U.S. Market Casualty Outlook. There are some areas (e.g., Texas, South Beach Florida and Georgia) in which carriers are pulling out of writing apartments entirely. Some insureds are turning to self-insurance to mitigate the rising costs of coverages. Learn more about nuclear verdicts here.
Trade war spurs insurance policy demand
The United States’ ongoing global trade war is inflicting numerous knock-on effects on the insurance industry. According to Insurance Business Magazine, “the resulting financial strain is driving up demand for trade credit insurance and altering the risk landscape for insurers.” PIA Northeast has covered the impact of Trump’s tariffs on the auto industry and auto insurance: since the publication of the article, the Trump administration has increased tariffs on Chinese imports to effectively 145%.
CID council issues report on climate-related risks
The Connecticut Insurance Department Commissioner Andrew N. Mais announced key updates from the CID’s Severe Weather Mitigation & Resiliency Advisory Council on April 10, 2025. The commissioner established the multidisciplinary council in October 2024 to help develop a program and strategies to strengthen Connecticut homes and businesses against climate-related risks. So far, the council has consulted with national experts to incorporate best practices from other successful resilience programs, explored potential standards and financial incentives, and addressed challenges such as: the complexity of retrofitting older homes, securing buy-in from the insurance industry and navigating regulatory hurdles. For more information on the Advisory Council and its work, click here.
Compliance
NHID clarifies insurer obligations on virtual claims
The New Hampshire Insurance Department issued a bulletin to clarify insurers’ obligations when using virtual claims adjustment systems to assess automobile damage on April 14, 2025. The guidance comes in response to a growing number of insurers relying on photo and video submissions from consumers or repair shops rather than conducting in-person inspections. Under the Unfair Claims Settlement Practices provisions of the state’s Unfair Insurance Trade Practices law, insurers are required to promptly and reasonably investigate and settle claims fairly once liability is clear. While virtual adjustment tools can expedite the process, they may not always capture the full extent of a vehicle’s damage. To remain in compliance with the UCSP, insurers must offer an in-person inspection within a reasonable time frame if the consumer requests one. Insurers may not deny such a request based solely on a consumer’s prior participation in a virtual assessment.
Advocacy
N.Y.: Two new bills introduced to the state Senate, Assembly
A new bill proposed in the New York state Senate would afford additional CE earning opportunities to insurance professionals. S.5237, if passed, would provide insurance producers with an active membership in a statewide professional insurance producer association three credit hours of CE. Another bill was introduced to the state Assembly: A.7710. This bill would add a new section to the New York Insurance Law, providing a comprehensive framework for the use of telematics—data collected from vehicles and drivers through sensors, vehicle systems, and telecommunications devices—for various insurance-related purposes.
Technical
Navigating the enduring hard market
For the insurance industry, the hard market continues to grind on. There are plenty of important changes in the market that you and other agents have to stay on top of, like carriers further tightening underwriting guidelines, reduced or cut commissions, locating and retaining qualified staff and more. Under these conditions, how are you going to navigate them and maintain relationships with your customers and carriers? For more information, PIA Northeast members can access Navigate the hard market—let your marketing campaigns educate and build relationships in the PIA QuickSource library.
Accolades
PIANJ seeks industry stars—nominate someone today
PIANJ is calling for nominations for its 2025 Awards of Distinction. Nominations are due Monday, May 5, 2025. The association will honor insurance professionals who exemplify the qualities and actions that serve as a model of excellence in the insurance industry and for the independent agency system. Nominations are being sought for these awards: Professional Agent of the Year, Distinguished Service Award, and Company Person of the Year. For a full description of each award, or for a nomination form, click here.
Educating insurance agents
CE: Strengthen interactions with commercial insureds
If you have taken Commercial Casualty I or are well versed in the subject and would like to expand your knowledge, then register for the 2024-2025 CISR 2IC: Insuring Commercial Casualty II webinar with Mishell K. Magnusson, CIC, CISR, CPIA, AAI, FIPC. This webinar will be held on Tuesday, April 29, 2025, from 8 a.m.-3:45 p.m. This webinar will help strengthen your ability to have productive, assured interactions with your commercial customers in commercial casualty exposures and coverages. This class has been approved for CE credits in Connecticut (7 PC), New Jersey (7 GEN, designees in good standing will receive 12 CE credits) and New York (7 BR, C3, PA, PC, earn 1 additional CE credit with exam); for credit information in New Hampshire and Vermont, call The Alliance (800) 633-2165.
ICYMI
PIA to Congress: Restore inflation adjustment for crop agents
PIA sent a letter to congressional leaders on April 3, 2025, to urge them to require the Risk Management Agency to reinstate the annual administrative and operating inflation adjustment for crop insurance agents in the ongoing budget reconciliation process. After providing annual adjustments to compensate for inflation for years, the RMA suddenly stopped this practice in 2016. The RMA has since refused to reinstate this practice because it cannot do so legally without renegotiating the Standard Reinsurance Agreement—this is despite Congress’s 2022 appropriations report language stating unequivocally the RMA has the authority to reinstate the inflation adjustment. PIA remains committed to supporting the Federal Crop Insurance Program and it will work with Congress to bring much needed relief to agents. Send a message to your representatives today, urging them to address this issue in the ongoing budget reconciliation process.
N.Y.: C-MAP chapter amendment signed into law
Last February, a chapter amendment was signed into law which directly impacts insurance agents and homeowners along the Hudson River. A.425/S.771, sponsored by Assemblyman Steve Otis, D-91, and Sen. Shelley Mayer, D-37, expands eligibility for the Coastal Market Assistance Program, which should allow more properties to qualify for coverage. C-MAP serves as a lifeline for homeowners in high-risk coastal areas across New York state, helping them secure insurance coverage when traditional options are limited or unavailable. The latest amendment further expands C-MAP by including properties within one mile of the Hudson River’s shoreline. This marks a significant step in recognizing the vulnerabilities of inland and freshwater properties, which are increasingly at risk due to flooding and extreme weather.
Register now
April 21, 2025 | May 15 | June 9: Emerging Leaders Series—Connecticut | New Jersey | New York
Wednesday, May 7, 2025: NJYIP Golf Open
Thursday, May 22, 2025: PIANJ Women’s Leadership Alliance Pickleball Tournament and Networking
June 8–10, 2025: PIANJ | PIANY Annual Conference—
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Tuesday, June 10, 2025: YIP Fun Run
Tuesday, June 17, 2025: CTYIP Golf Open
Tuesday, June 17, 2025: PIWA Spring Reception
Thursday, July 24, 2025: NJYIP Summer Breeze Bash
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Sunday, June 8, 2025: NJYIP Nitecap
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Monday, Sept. 29, 2025: PIANJ with WLA Golf Classic
Thursday, Oct. 16, 2025: CTYIP Gala
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