In a rapidly evolving world driven by innovation and digital technologies, staying ahead of the curve is paramount for businesses—specifically in the insurance industry. Insurance agencies face high volumes of paperwork, complex processes, intricate regulations, risk...
If you, as an insurance professional, are working on a marketing plan for your agency, video marketing can be a powerful tool to use. While text can be effective on its own, video can take your marketing to the next level in terms of engagement and impact. Why to...
In the wake of the COVID-19 pandemic, the legal battles over business interruption claims took center stage in the property/casualty insurance industry. The latest example of these disputes is New Jersey Supreme Court’s ruling in the case of AC Ocean Walk LLC v....
Last week, the New York state Senate passed legislation that would direct the New York State Department of Financial Services to—in part—study the possibility of supporting a private flood insurance market. The bill (S.8167), sponsored by Sen. Neil Breslin,...
To anyone who works in the insurance industry, it is clear that the marketplace is going through a period of transition. The increasing occurrence of severe weather, growing interest rates, and increasing replacement cost are a few of the drivers that are creating...
New York State Insurance Law Section 5904 requires producers placing New York state business with risk retention groups not chartered in the state to report this business by Friday, March 15, 2024. To comply with New York State Insurance Law Section 5904(c), if a...
Since 1989, New Yorkers in need of temporary disability leave, including individuals with pregnancy and childbirth-related conditions, have been limited to a maximum benefit amount of $170 per week. This figure—unadjusted for over three decades—has diminished in its...
PIACT hosted an interactive question-and-answer session last week with Connecticut Insurance Department Commissioner Andrew Mais. The event, moderated by PIACT’s Director of Government & Industry Affairs, Bradford J. Lachut, Esq., delved into a range of critical...
Recently, the Court of Appeals of Connecticut affirmed a decision by a lower court, which granted a motion for summary judgment in favor of several insurance carriers. It confirmed that these carriers did not have a duty to defend and indemnify two policyholders under...
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...