News
The value of using local climate-risk data
Given the various daily disturbances to American communities by climate change, it would be highly beneficial for those individuals who are looking to build houses and other structures to use compiled, local climate-risk data to determine the best place to build. What has become clear is that once-in-a-generation weather events are occurring with much more regularity. To make precise and informed decisions in preparation for potential risks, it’s crucial for insurance agents and their clients to rely on any data that is available. See the related article on PIA Northeast News & Media.
New report: Insurers risk insolvency
According to a new report published by Insurance Information Institute, American auto and homeowners insurance policies were unable to match the current inflation rates. As a result, Triple-I’s report warns that if losses and expenses keep up at this rate, insurers are running the risk of insolvency. Right now, it’s important for professional insurance agents to take note and track profit warnings for the insurance companies for which they do business. A company’s carrier rating also can be an indicator its financial condition. PIA member benefit. If you want an easy way to monitor your carriers’ ratings, sign up for PIA’s Company Rating Tracking Service, which is available exclusively to PIA members. Once you sign up for this service, you will receive an email from PIA when one of your represented carrier’s AM Best rating changes. To participate, contact PIA’s Industry Resource Center by phone at (800) 424-4244 or by email at resourcecenter@pia.org with a listing of the carriers your agency represents. Please note: This alert is a product of PIA and is not affiliated with any service provided by AM Best.
N.Y.: Adult-use cannabis dispensaries continue to open in the state, PIA continues to fight for safe harbor
New York state legalized cannabis use by adults in 2021. Recently, Gov. Kathy Hochul announced the opening of the first cannabis dispensary in the Southern Tier, and the third dispensary in New York City. Since more states are legalizing the use of cannabis by adults, those in the insurance industry are trying to establish safe harbor legislation that would protect insurance producers and carriers that do business with cannabis-related businesses. PIA’s sister affiliate in New Jersey has been advocating for such a law, and PIA National is pushing for similar legislation at the federal level this legislative session.
New York announces $100 million to repave roads impacted by extreme weather
Gov. Kathy Hochul announced $100 million in state funding has been released to support the renewal of state roadways impacted by extreme weather. The funding supports repaving projects at 64 locations, totaling almost 520 lane miles of pavement, and complements the record level of investment in infrastructure across the state.
Vermont announces new program to help revitalize manufactured home communities
Working in tandem with the Department of Housing and Community Development, Vermont has launched the Manufactured Home Improvement and Repair program, offering financial assistance to manufactured home communities (commonly known as mobile home parks), as well as current and prospective manufactured homeowners. The program includes $4 million in funding from the federal American Rescue Plan Act, which will provide financial assistance for park improvements, home repair and foundation installation.
Technical
N.H.: There is no personal lines blacklisted vehicle
The New Hampshire Insurance Department reminds consumers and insurance producers that all automobile insurance carriers in the state must offer the same coverage and limits to all applicants for private passenger automobiles. This is based on the state’s “Take-All-Comers” rule, which is a provision of New Hampshire’s automobile insurance regulation (Ins 1400). The “Take-All-Comers” rule applies to all vehicles that fall within the list of covered vehicles under Ins 1400, including private passenger automobiles, pick-up trucks, motorcycles, off-highway recreational vehicles, and motorhomes, and insurers cannot refuse to write a personal lines automobile insurance policy for any vehicle that falls within the list. Consequently, automobile insurance carriers in the state cannot exclude coverage to owners of Kia and Hyundai cars, despite the growing national trend of thefts of certain vehicle models.
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.
Take your credibility to the next level
When it comes to protecting their insureds, insurance agents should increase their credibility, trust and perception. Agents can strengthen these traits through the Trusted Risk Advisor Certification Program, which provides agents with opportunities to advance their ability to deliver an enterprise risk-management method through logical, disciplined and results-oriented frameworks; to sharpen their growth mindsets; and to consider additional tools and tactics that can improve performance. The TRA certification program—which is provided by PIA and Beyond Insurance—is comprised of four online course modules that agents can take starting Thursday, Feb. 27, 2023. The February module has been approved for continuing-education credits in New York. PIA Northeast members can take these classes at a discounted rate.
Register now
March 23-24, 2023: Connecticut Convention—want to sponsor, exhibit or advertise?
Wednesday, April 19, 2023: Save the date: NY-YIP/PIA Pre Buffalo I-Day Event
Thursday, April 27, 2023: Save the date: Long Island RAP
Monday, May 1, 2023: Save the date: NJYIP Golf Open
Thursday, May 18, 2023: Save the date: PIWA Spring Reception
June 4-6, 2023: Save the date: Annual Conference hosted by PIANJ and PIANY—want to sponsor, exhibit or advertise?
Tuesday, June 6, 2023: Save the date: NJYIP Fun Run
Tuesday, June 20, 2023: Save the date: CTYIP Springfest Golf Outing
Monday, Aug. 7, 2023: Save the date: NY-YIP Annual Golf Open
Monday, Oct. 2, 2023: Save the date: PIANJ Golf Classic—40th Anniversary
Thursday, Nov. 2, 2023: Save the date: Capital RAP
