News
Survey: Agents, brokers continue record run performance
For a fourth consecutive quarter, independent insurance agents and brokers have set yet another organic growth record. That and other high markers are revealed by the latest Reagan Consulting Growth & Profitability Survey, which measured first-quarter 2022 industry performance. According to the survey: 9.3%, the first quarter’s median organic growth is 50 basis points higher than the previous record of 8.8% set last quarter, and 25% of Q1 participants grew organically at 15.9% or higher.
NCCI announces 2021 WC performance metrics
The National Council on Compensation Insurance released its performance metrics for the U.S. workers’ compensation system for 2021. Private carrier plus state fund net written premium increased about 1% to $43 billion in 2021 (private carrier premium alone was $38 billion). Private carriers again posted a profitable Calendar Year 2021 combined ratio of 87. It is the fifth consecutive year with a combined ratio below 90 for the workers’ compensation insurance market and the eighth consecutive year of underwriting profitability.
NHTSA: Traffic fatalities reach 16-year high
The National Highway Traffic Safety Administration has released its early estimate of traffic fatalities for 2021. NHTSA projects that an estimated 42,915 people died in motor vehicle traffic crashes last year—a 10.5% increase from the 38,824 fatalities in 2020. The projection is the highest number of fatalities since 2005 and the largest annual percentage increase in the Fatality Analysis Reporting System’s history.
Conn.: It’s the end of a short session
The Connecticut General Assembly adjourned on May 4, without setting a date to reconvene. It was one of the shortest legislative sessions in recent history. As has been the case in recent years, the session kicked off with a deluge of bills being introduced, and a significant number of them were eventually voted out of committee onto the floor of the House and Senate. Unless a bill was a leadership or committee priority, however, those that did make it onto the floor faced a difficult road to passage in both chambers—given that the number of session days was so limited. See a round-up of how the session ended.
PIANY president presents CISR scholarships
PIANY President Tim Dean, CIC, CRM, presented several Scholarships for Continuing Education to members of the Federation of New York Insurance Professionals during its Annual Convention, April 29-May 1, in Schenectady, N.Y. PIANY presents these scholarships, which offers recipients one free Certified Insurance Service Representative designation class, to allow them to start earning their CISR designation. This designation is recognized nationwide as an important credential—one that benefits individuals, their agencies, and their customers.
Advocacy
Conn./N.H./N.J.: PIA (virtually) goes to Washington
Directors and committee members from PIA Connecticut, New Hampshire, and New Jersey met with the offices of several congressional leaders this week to advocate for PIA’s national legislative priorities. A top issue was pushing for increased transparency of the use of data in the National Flood Insurance Program’s Risk Rating 2.0. PIA also advocated for a long-term reauthorization of the NFIP and stressed the importance of state regulation of insurance. While meetings with Senate offices also included pushing for the passage of the SAFE Banking Act to protect insurance agencies from federal prosecution for selling policies to cannabis businesses legal on the state level, PIA did have the opportunity to thank many representatives for their support of this legislation when it passed the House in 2021.
N.Y.: Dog breed law amendment passes state Senate
The New York state Senate passed A.9284-A on May 10, 2022, with a 49-13 vote. This bill—sponsored by Assemblymember Deborah J. Glick, D-66—would be a chapter amendment to the 2021 dog breed law. It would close a loophole in the current law by prohibiting insurers from excluding, limiting, restricting or reducing coverage on homeowners insurance policies based solely on insureds owning specific breeds of dogs. The bill will be sent to Gov. Kathy Hochul for her consideration.
N.J.: How New Jersey PIAPAC stacks up
Having a voice in politics is vital. The volume of a PAC’s voice in politics is directly related to its ability to support as many candidates as possible. While NJPIAPAC has a loud voice, it could, and needs, to be louder to compete with the hundreds of other political action committees in the state of New Jersey. To learn how NJPIAPAC stacks up against other industries and how you can help in the fight, read New Jersey PIAPAC is your voice in politics. To learn more about the organization, visit NJPIAPAC’s website.
Technical
N.J.: New NJCRIB executive director appointed
The New Jersey Compensation Rating and Inspection Bureau Governing Committee announced the appointment of Bonnie Piacentino as executive director elect. Piacentino will join the NJCRIB in August, and she will succeed Paul Witko as executive director following his retirement on Dec. 31, 2022.
N.Y.: NYCIRB files decrease of 8.7% in WC loss costs
The New York Compensation Insurance Rating Board filed its annual loss cost indication with the New York State Department of Financial Services—requesting a decrease of 8.7% in the overall loss cost level to become effective on Saturday, Oct. 1, 2022. Be advised that this loss cost indication is subject to DFS’s review and a decision on approval by Friday, July 15, 2022. The board’s filing, with the explanatory memorandum and supporting exhibits, is available on the board’s website.
N.Y.: Bar date set for Park Insurance Co. in liquidation
On April 25, 2022, the Supreme Court of New York, county of New York set the bar date for claims filed against the estate of Park Insurance Co., for March 31, 2023. Previously, Park Insurance Co. was put into liquidation by the Supreme Court of New York, county of New York on Nov. 30, 2021. Park Insurance Co. is licensed in New York state, a copy of the liquidation order can be obtained here and a copy of the proof claim form can be obtained here.
Educating insurance agents
N.Y.: New classes that meet the New York State Department of Financial Services’ new CE requirements are available online and in private on-site sessions.
Events
Register for PIA Annual Conference before price increase
June 12-14: Prices go up 20% after Friday, May 27, 2022. Register today: Thousands of insurance professionals will be looking to be in-tune with the insurance industry at the PIA Annual Conference hosted by PIANJ and PIANY in Atlantic City. Are you looking for a chance to get back to in-person events to catch up with old friends and meet new contacts? This year’s conference offers ample time to network—at the Cocktail Reception, and the YIP Nitecap on Sunday; at the Networking Lunch featuring renowned global futurist, Jack Uldrich, and the Nighttime Beach Party featuring The GoodMan Fiske Band on Monday; and don’t forget all the dedicated time to the trade show.
Register now
Thursday, May 19, 2022: CTYIP Open House—CTYIP members bring one guest free
June 12-14, 2022: PIA Annual Conference—Save 20%
Tuesday, June 14, 2022: NJYIP Fun Run
Tuesday, June 21, 2022: CTYIP Golf Open
Thursday, July 14, 2022: Save the date: PIWA Summer Reception
Monday, Aug. 1, 2022: NY-YIP Golf Open
