News
Triple-I: Commercial lines outperform personal, underwriting losses persist
The Insurance Information Institute and Milliman released their quarterly report on Jan. 30, 2024. The report, Insurance Economics and Underwriting Projections: A Forward View, was presented by Triple-I’s chief economist and data scientist, Michel Léonard, CBE in an members-only virtual webinar. Among other trends, the report notes that for 2023, the net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9.
How to manage AI risks as an insurance professional
In the ever-evolving insurance landscape, artificial intelligence has emerged as a powerful tool to enhance efficiency, accuracy and customer experience. The impact of AI is profound: its global market size in the insurance industry currently is estimated at $4.59 billion and it is expected to be worth around $79.86 billion by 2032—growing at a compound annual growth rate of 33.06%. With great technological advancements come unique challenges, as insurance agents now face the task of effectively managing and mitigating the risks associated with the adoption of AI. What are the best ways to do so?
N.Y.: State Sen. Breslin will not seek reelection
New York state Sen. Neil Breslin, D-46, the longest serving member of the New York state Senate, has announced that he will not run for office again. Sen. Breslin’s tenure began in 1997: the district he currently represents includes parts of the Albany and Schenectady counties and the entirety of Montgomery County. He also served as the chair of the Senate Insurance Committee, and he has sponsored PIA-supported legislation. PIA will watch closely to see who will replace Sen. Breslin on this committee. The Albany County Democratic Committee has agreed to support State Assemblymember Pat Fahy in the future race for Sen. Breslin’s seat.
N.Y.: $8.6 million recovered in vehicles, stolen parts in 2023
New York state DMV investigators recovered 286 stolen vehicles valued at nearly $8.6 million and another $152,000 in stolen auto parts in 2023—as the state ramps up efforts to crack down on skyrocketing auto thefts. Announced on Jan. 31, 2024, recoveries are up 19% from the $7.3 million recovered in 2022, and a 67% increase from the $5.2 million recovered in 2021. In addition to the 286 vehicles recovered, DMV investigators recovered 157 auto parts—nearly twice the number of parts recovered in 2022.
N.Y.: Climate change study technical chapters released
Gov. Kathy Hochul released the technical chapters for the Understanding and Preparing for Our Changing Climate Study on Feb. 2, 2024. This multiyear study has eight technical chapters covering how various economic sectors can address rising temperatures and increasing frequency of extreme weather events. The study, led by the New York State Energy Research and Development Authority, was a collaboration among academic institutions, science organizations, municipalities, community leaders, industry representatives and New York state agencies and authorities.
Advocacy
N.J.: A year in review for state legislative session
While PIANJ may have faced challenges in advancing the association’s top priority—a ban on the use of step-down provision in personal auto policies—your association’s efforts during the 2022-23 session were not in vain. The organization has seen widespread success in advocating for and supporting a variety of other insurance-related bills. This includes landmark legislation to increase minimum auto insurance limits and enforce mandatory liability insurance for business and rental property owners, among others.
Technical
How to find the right property limit
A common concern agents face is setting the right property limit for building and content coverage. They have plenty of tools and methods to help them carry out this task, but how does each one work? Does each approach fit every scenario, and are some more effective than others? PIA Northeast members can access What is the right property limit?—which provides and overview of these approaches in detail, from their effectiveness to their implementation—in the PIA QuickSource library.
Accolades
PIANJ Legislative Representative Carol R. Katz recognized by Women’s Political Caucus
Carol R. Katz, PIANJ legislative representative and the founder of Katz Government Affairs, was recognized by the Women’s Political Caucus of New Jersey for her lobbying efforts with the Trailblazer Award. Katz has been a dedicated advocate for the causes that matter most to the people of New Jersey since 1990, with her founding her firm KGA in 2003. PIA offers it sincerest congratulations to Katz for earning this distinguished award.
Educating insurance agents
Conn./N.J./N.Y.: Refamiliarize yourself with commercial property insurance
Are you looking to further your understanding of commercial property insurance, or maybe you need a refresher? If so, register for 2024 CISR IP: Insuring Commercial Property, which will be held Thursday, Feb. 22, 2024. This webinar, which will be led by Mark A Palinkas, CIC, will provide you with the most recent knowledge regarding personal property coverage. This course has been approved for continuing-education credits in Connecticut (7 PC), New Jersey (7 GEN, DOBI will award 12 CE credits for each full year of licenses in good standing) and New York (7 BR, C3, PA, PC, 1 additional NYCE credit with passing exam grade).
Events
PIANY’s MetroRAP returns to NYC with a bang
More than 350 insurance professionals attended PIANY’s Metropolitan Awareness Program—the first RAP of the year—on Feb. 1, 2024, at the Sheraton New York Times Square Hotel. During the daylong event, attendees were able to network, learn and discuss the issues affecting the insurance industry, and earn continuing-education credits on hard market conversations and errors-and-omissions exposures specific to the Big Apple. To see photos from the event, visit the 2024 PIA MetroRAP photo album.
Register now
Tuesday, March 5, 2024: NJYIP Swing & Connect
March 27-28, 2024: Connecticut Convention
Save the date
Wednesday, April 17, 2024: NY-YIP Pre-Buffalo I-Day Event
Wednesday, May 8, 2024: NJYIP Golf Open
Sunday, June 2, 2024: NJYIP Nitecap
June 2-4, 2024: PIA New Jersey | PIA New York Annual Conference
Tuesday, June 4, 2024: NJYIP Fun Run to benefit Special Olympics New Jersey
Monday, Aug. 5, 2024: NY-YIP Golf Open
