News
Insurers finding new ways to combat wildfire risks
A report by the Insurance Information Institute and Capgemini, finds that technological advances by insurers and proactive risk prevention by policyholders may reduce the damage caused by U.S. wildfires. Proactive risk prevention programs for policyholders have emerged in California, where the Insurance Institute for Business and Home Safety launched its Wildfire Prepared Home initiative. The report explores the use of parametric insurance products to supplement traditional property insurance policies.
RMS estimates less than $2B of insured wind and storm losses from Hurricane Nicole
RMS estimates privately insured wind and storm surge losses of $1.2 billion to $1.8 billion from Hurricane Nicole. RMS ensemble footprints are reconstructions of Nicole’s hazard that capture the uncertainties surrounding observed winds and storm surge. RMS modelers developed and validated the wind, storm surge and inland flood reconstructions and corresponding loss estimates using publicly available observations, including wind stations, river gauge water level data, and web reconnaissance. Hurricane Nicole was the 14th named storm of the 2022 North Atlantic hurricane season, the eighth hurricane, and the second hurricane to make U.S. landfall this season.
N.J.: New program to provide grant funding and mentorship to first-time entrepreneurs
The New Jersey Economic Development Authority has announced plans to create the New Jersey Innovation Fellows, which aims to offer mentorship and grants of up to $400,000 to teams of first-time entrepreneurs. The program will provide income replacement so entrepreneurs can devote their attention to building out their startups. The announcement follows a recent NJEDA board approval of this new program.
N.Y.: Governor vetoes photo inspection legislation
Gov. Kathy Hochul vetoed PIANY’s top-priority photo inspection legislation (A.6877/S.6028) yesterday. The legislation would have made New York’s outdated photo inspection process optional. In her veto message, the governor indicated that if signed, the bill would remove important protections against fraud as well as have unintended consequences of harming small businesses that provide inspections. The governor expressed a willingness to work with the Legislature and the insurance industry to find a solution to this issue during the next legislation session. While PIANY respectfully disagrees with the governor’s position on the bill, the association looks forward to working with the governor in the coming legislative session. See the related article on PIA Northeast News & Media.
PIA Northeast is thankful for you
At this time of year—just like all year—PIA thinks about you. Together, we make the insurance industry better. Thank you for your continued support. Happy Thanksgiving. We wish you and your loved ones a happy and safe holiday season. The PIA Northeast office will be closed on Thursday and Friday to observe the Thanksgiving holiday. It will reopen Monday, Nov. 28, 2022.
N.Y.: In memoriam: Longtime PIA leader David Isenberg
PIANY is sad to report the passing of longtime PIANY leader David Isenberg, past president of the D.C. White Agency, a division of the Lancer Insurance Group, Long Beach, N.Y., which he joined in 1978. He joined PIA in 1989 and served in every volunteer position in the association, including president from 2002-03. He was also a former officer of PIA Management Services Inc. In his nearly 33 years with PIANY, Isenberg received numerous accolades from the association including the Louis A. Morelli award in 1998 and he was named PIANY’s 2007 MetroRAP General Agent Executive of the Year. In 2010, and again in 2012, PIANY honored him with the Distinguished Insurance Service award for his dedication to PIA and for his years of work on behalf of New York’s independent agency community.
Compliance
Testimonials are great … aren’t they?
Testimonials have turned into an integral component of the success of a business. Given the power of a positive (or negative) review, it may be tempting to utilize positive reviews in advertisements for your agency. However, since this is the insurance industry, there are rules that you need to be aware of before you do so. These rules are the testimonials must be: 1. genuine; 2. represent the current opinion of the person giving the testimonial; and 3. be applicable to the policy being advertised. To help you determine if you are using testimonials in your advertising properly, see the related article on PIA Northeast News & Media.
Technical
Conn.: Electronic filing of Form 6B introduced
The Connecticut Workers’ Compensation Commission has announced it will launch an automated Form 6B filing process, which will go-live on Thursday, Dec. 15, 2022. An employee who is an officer of a corporation or a member of a limited liability company can use this form to elect to be excluded from workers’ compensation insurance coverage or revoke any previous election of exclusion.
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.
Conn./N.J./N.Y.: Identify personal auto exposures and earn CE
Join PIA instructor Richard Goolsby, CIC, for 2022 CISR PA: Insuring Personal Auto on Wednesday, Nov. 30, 2022, starting at 8 a.m. This daylong webinar will help you assist your clients in identifying their exposures and more effectively advise them in the processes of analyzing, obtaining, and modifying their personal automobile policies. This class has been approved for continuing-education credits in Connecticut (7 PC), New Jersey (7 GEN, designees in good standing earn 12 CE credits), and New York (7 BR, C3, PA, PC, earn 1 additional NYCE credit with a passing grade on exam).
Register now
Thursday, Nov. 29, 2022: NJYIP Holiday Social
Wednesday, April 19, 2023: Save the date: NY-YIP/PIA Pre Buffalo I-Day Event
