News
Survey: US executives’ confidence, cyber security preparedness out of sync
Specialist insurer Beazley has found in a new report, Spotlight on Tech Transformation & Cyber Risk 2025, that while 29% of global executives place cyber security risks as their greatest threat, 83% of the same group believe they have the resilience to face these threats head on. By not recognizing this threat, businesses are exposed to an ever-evolving cyberthreat landscape. On the plus side, according to the report 79% of firms are looking to improve their cybersecurity following “high-profile systemic cyber incidents.” Take additional steps to protect your agency and your clients. For a quote for cyber liability insurance for your agency or brokerage offered through PIA Northeast, click here. Plus, PIA Northeast’s partnership with KnowBe4 provides PIA members with exclusive discounts on a platform dedicated to improving organizational security culture, and to reducing human risk. For more information, PIA Northeast members can click here.
New study: Two degrees Celsius means more insured hurricane loses
A peer-reviewed study from the Journal of Catastrophe Risk and Resilience has found that under a two degrees Celsius climate change scenario, nationwide insurance losses could increase greatly, with Lloyd’s reinsurer MS Amlin claiming that the losses could increase by 50%. New York and other states in the Northeast face some of the biggest losses, however Florida ranks first when it comes to experiencing these losses. Dr. Same Phibbs, co-author of the study and MS Amlin’s Head of Catastrophe research, also cautioned that his study did not account for factors such as sea level rise, urban expansion and increased rainfall. PIA’s Hurricane Info Central tool kit offers PIA Northeast members one spot for all their hurricane-related resource needs. PIA members also can contact the PIA Industry Resource Center at resourcecenter@pia.org or use the Ask PIA button on the PIA home page to ask a specific question.
Making honest feedback grow your agency
It’s common for independent agents to gather volumes of feedback from their clients, but sometimes they fail to follow through with acting on that information. Whether the feedback is negative or positive, you can use it to your advantage to build your agency. However, there are a few red flags that can signal a broken feedback loop, and agents need a practical plan to navigate it. Once you have a clear strategy, you can take your agency to the next level.
Conn: Gov. activates extreme hot weather protocols
Gov. Ned Lamont activated his state’s Extreme Hot Weather Protocol earlier this week, in light of a forecast for a multiday stretch of hot and humid conditions. This measure will remain in effect from July 15, at noon, to Friday, July 18, 2025, at8 p.m. During this period, temperatures are expected to reach into the 90s and humid conditions will push the heat index near or above 100 degrees each day. Cooling centers will be available through the state, and information on these centers can be found at 211ct.org or by calling 2-1-1. This is the second time this protocol has been activated this year.
N.J./N.Y./Vt.: Flash floods deluge Northeast, kills two
Flash floods have impacted states in PIA Northeast’s five-state footprint, including New Jersey, New York and Vermont. New Jersey declared a state of emergency on the night of July 14, 2025: two residents have been reported dead due to the floods. In New York City, subways and subway cars were flooded, delaying travel: it was reported that the Bronx River rose 3.7 feet. Meanwhile, in Vermont, flooding devastated communities in the Northeast Kingdom and Addison County for the third year in a row. Make sure your clients are prepared: Have you explained to your clients that flooding isn’t covered by a standard homeowners insurance policy? PIA Northeast members who are looking for help on how to answer their clients’ questions about flood insurance, can access the PIA Flood Insurance Tool Kit. There is also consumer content from PIA Northeast News & Media that can be sent to clients, such as Water you mean I’m not covered? Navigate the flood insurance knowledge gap and Come hell or high water, homeowners need to understand flood insurance.
N.Y.: Extreme heat equipment credits launch
Gov. Kathy Hochul announced on July 14, 2025, the launch of the New York State Insurance Fund’s new Extreme Heat Equipment Credit. The credit helps qualifying small businesses protect their workers through the purchase of personal protective equipment and supplies designed to minimize the effects of heat exposure. With 2024 being the hottest year on record, and each year between 2015-24 ranking among the 10 hottest years on record, rising temperatures have become a critical occupational hazard for many industries. Extreme heat can lead to heat-related illnesses such as heat stroke and heat exhaustion and can exacerbate a multitude of preexisting conditions. Do you have clients who have employees who work outside? Consider sending them: Warm-weather working: how to be safe.
Technical
Can a homeowners and flood policy cover all water damage?
Water has plenty of vectors to deal damage to your property. This includes floods, malfunctioning equipment (e.g., sinks, toilets), burst pipes and more. Some homeowners may think that, if they carry a homeowners and flood policy, they will be protected from all types of water damage. However, like most things involving insurance, the truth is more complicated. For more information, PIA Northeast members can access My property is wet; it must be a flood in the PIA QuickSource library.
NAIC releases 2023 auto insurance report
The National Association of Insurance Commissioners released its 2023 supplemental auto insurance report. The supplement provides written premium and exposure data for 2019-23; the full report will be released later this year. The report found that the average premiums nationwide increased from $1,257.29 to $1,438, at 12.5% increase. The report also found that, compared to 2022 averages, Connecticut’s average premiums totaled $1,508.38 (an 8.5% increase), New Hampshire’s average premiums totaled $1,032.01 (a 10.6% increase), New Jersey’s average premiums totaled $1,693 (a 10.1% increase), New York’s average premiums totaled $1,895.99 (an 11.5% increase) and Vermont’s average premiums totaled $957.80 (a 10.7% increase).
Landing insurance sales with Gen Z
Selling insurance to Gen Z may present unique challenges for some agents. Gen Z is a generation that has grown up with the internet and massive leaps of technology, like smartphones, tablets, social media and more. Because of this, your Gen Z customers may have different expectations when it comes to buying and service experience. For guidance, you can tap into the first video of PIA’s Thinking Bigger series, “Optimizing Sales to Gen Z.” This video features Michael Weaver of the Weaver Sales Academy, and he shares how insurance agents can tap into this new group of customers.
Accolades
Honoring the New York winner of the 2025 Outstanding CSR of the Year
Each year, a group of exceptional insurance professionals are selected to represent their states and then can compete to become the National Outstanding CSR of the Year. This award, regarded as the foremost national award of its kind, recognizes the contributions and commitment of those who serve clients within the insurance industry. PIA Northeast would like to recognize Jessica Malone, ACSR, of Mackoul Solutions for her dedication to the industry and earning the honor to represent New York state.
Educating insurance agents
The Alliance: Tackle property and liability coverage differences
The Alliance has an upcoming course on property and liability coverage differences. For property coverage differences, the course will cover residential, collections and automobiles: and for liability coverage differences, the course will cover primary liability residential, automobile and excess liability coverage. The course also will cover special event coverage for affluent and high net worth clients. The Understanding Coverage Differences webinar will be held on Monday, July 28, 2025, at 9 a.m. It will feature instructors Olga Boychuck, CPCU, CIC, CPRM; Samuel T. Bennett, CIC, CPRM, AFIS, TRIP, CRIS, CPIA; and Sue Weber CPRM, CPCU, AFIS. For detailed CE information, contact The Alliance at (800) 633-2165.
ICYMI
Market trends survey is now live: make your voice heard!
PIA Northeast needs your input for the Market Trends Survey. This short, eight-question market survey helps us understand what you’re really experiencing—and ensures your voice is heard where it matters most. This is your opportunity to help guide the association’s advocacy efforts, and inform the conversations association leadership has with lawmakers, regulators and other industry professionals—and by extension, the direction of our industry. Once you’re finished, please share the survey link with the rest of your agency team and encourage them to take it, as well.
Conn./N.J./N.Y.: Liberty Mutual to add N.Y. construction exclusion to Conn., and N.J. policies
If you write contractor business in Connecticut or New Jersey with Liberty Mutual, there’s an important change coming that could affect your clients—and your book of business. As part of its efforts to manage risk exposure in New York state, Liberty Mutual has announced that it will begin applying a New York construction exclusion to general liability coverage, including package, excess, umbrella and business owner’s policies, issued in Connecticut and New Jersey. The change will affect Liberty Mutual’s small commercial business and accounts over $100,000. The change will not affect Liberty Mutual’s middle market segment and broader global risk solutions (new or renewals) written in the company’s eCLIQ system. The change will affect Liberty Mutual’s small commercial business and accounts over $100,000 written in the company’s eCLIQ system. The change will not affect Liberty Mutual’s middle market segment and broader Global Risk Solutions (new or renewals).
Register now
Thursday, July 24, 2025: NJYIP Summer Breeze Bash
Thursday, July 24, 2025: NY-YIP Happy Hour in Buffalo
Monday, Aug. 11, 2025: NY-YIP Annual Golf Open
Tuesday, Sept. 9, 2025: NY-YIP Albany Happy Hour
Monday, Sept. 29, 2025: PIANJ Golf Classic
Save the date
Thursday, Sept. 18, 2025: Autumn in the City: NY-YIP Fall Reception
Thursday, Oct. 16, 2025: The CTYIP Spotlight Social | A Fall Reception
Tuesday, Dec. 2, 2025: NJYIP Holiday Reception
