ALBANY, N.Y.—PIA New York applauds Gov. Kathy Hochul for recognizing the urgent challenges facing New York state’s insurance marketplace in her State of the State address yesterday. For the first time in recent memory, property/casualty insurance was front and center—a clear acknowledgment of the rising costs that impact families, businesses and communities across the state.
“Gov. Hochul’s proposals reflect what independent agents see every day: premiums are climbing, and consumers are feeling the strain,” said Jason Bartow AAI, CPIA, TRA, president of PIANY. “We welcome the governor’s commitment to tackling these issues through fraud prevention, transparency and consumer-focused reforms.”
For example, New York drivers pay some of the highest auto insurance rates in the nation—averaging $336 per month, or more than $4,000 annually. In some areas, premiums exceed $6,000 a year. Fraud and outdated laws are major contributors, adding hundreds of dollars to the average driver’s bill.
PIANY supports the governor’s call for a coordinated, whole-of-government approach to crack down on fraud, reinvigorate enforcement boards and strengthen penalties for staged accidents and fraudulent medical claims. The association also will monitor proposed changes to no-fault laws and damage caps to ensure they protect consumers without creating unintended consequences.
“As these proposals move through the legislative process, PIANY will advocate for practical solutions that keep coverage affordable and accessible while preserving a healthy, competitive insurance market,” Bartow said. “We will work to ensure reforms respect consumer privacy, avoid unnecessary administrative burdens and maintain the vital role of independent agents as trusted advisers.”
PIANY encourages policymakers to collaborate with industry stakeholders to achieve these shared goals. The association will continue to provide updates as the executive budget is released and legislative proposals take shape.
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PIA New York is the premier professional association for independent insurance agents, working to advance the needs of its members and to be a leading voice in the insurance industry. PIANY provides members with the very best education, information, advocacy, and business tools possible.