News Survey: Insurance agents face and overcome challenges More than half of respondents to the NU/PIA 2023 Independent Insurance Agent Survey said their ability to deliver insurance products digitally is extremely or very important to their success. This is up from...
Global warming and inflation are having an affect on the insurance industry. Report: Cryptocurrency-based crime reached unparalleled heights in 2021. PIACT elected new officers, directors at its Annual Convention last week. This election year, all 120 legislative seats in New Jersey are on the ballot—see how the races are shaping up in your district. And, PIANY’s priority “bait-and-switch” and photo inspection bills pass state Assembly. Plus, you can read about state-specific industry news, advocacy updates, education opportunities, and upcoming events in this issue of the Weekly Dispatch.
PIA survey: Many independent insurance agents are reporting that their business and income has increased despite many challenges. The National Oceanic and Atmospheric Administration announced that the three-year La Niña weather phenomenon has ended. New Hampshire and New York receive federal disaster assistance for damage caused by winter storms. And, bait and switch, photo inspection bills move to full N.Y. Assembly for a vote. Plus, you can read about state-specific industry news, compliance issues, advocacy updates, accolades and education opportunities in this issue of the Weekly Dispatch.
According to the National Insurance Crime Bureau, over 1 million vehicles were stolen last year. New Jersey’s pay-to-play law requires insurance agencies to file electronic annual disclosure statements by Thursday, March 30, 2023. And, PIANY-priority anti-arson bill passes state Assembly. Plus, you can read about state-specific industry news, compliance issues, technical resources, education opportunities and upcoming events in this issue of the Weekly Dispatch.
PIA is holding its Connecticut Convention on March 23-24, 2023, at the Hartford Marriott Downtown, in Hartford. One-in-10 U.S. roads are in considerably bad condition, with city roads reporting even more disrepair. The White House released a new comprehensive national cyber security strategy, which focuses on the planning, investment, and defense against potential hostile cyberagents. And, PIANY-priority anti-arson bill passes state Assembly Insurance Committee. Plus, you can read about state-specific industry news, compliance issues, advocacy updates, and education opportunities in this issue of the Weekly Dispatch.
The Federal Highway Department indicates that many Gen Zers are forgoing earning their driver’s licenses—agents may need to rethink how they converse with this generation about their insurance needs. PIA offers resources regarding electronic policy delivery and their procedures. Severe tornado-like thunderstorms devastate central New Jersey. And, PIANY priority bill on ‘bait and switch’ introduced in the state Assembly. Plus, you can read about state-specific industry news, compliance issues, advocacy updates, technical resources, education opportunities, and upcoming events in this issue of the Weekly Dispatch.
Hardbit ransomware attempts to ransom payments through victim’s cyber insurance policies. U.S. House subcommittee holds hearing on federal data privacy bill. Plymouth Rock announces policy rate increases in New Jersey. And, see how New York state’s photo inspection bill in the state budget differs from the vetoed bill. Plus, you can read about state-specific industry news, advocacy updates, technical resources, accolades, education opportunities, and upcoming events in this issue of the Weekly Dispatch.
Climate change is affecting the insurance industry—to make precise and informed decisions in preparation for potential risks, insurance agents and their clients need to rely on any data that is available. New report: If inflation keeps up, carriers may run the risk of insolvency; agents need to take note and track profit warnings for the insurance companies for which they do business. And, the New Hampshire Insurance Department reminds carriers that there is no personal lines blacklisted vehicles. Plus, you can read about state-specific industry news, technical resources, education opportunities, and upcoming events in this issue of the Weekly Dispatch.
COVID-19 is not the first communicable disease to reveal just how susceptible the world still is to severe impact from germs, but the current pandemic is shaping how people need to think about insurance. PIANY has been continuing its work to repeal New York state’s antiquated arson law. And, don’t miss out on the Connecticut Convention being held in the insurance capital of the world. Plus, you can read about state-specific industry news, advocacy updates, education opportunities, upcoming events and information you may have missed in this issue of the Weekly Dispatch.
PIACT has announced its 2023 legislative priorities, supporting legislation that would waive the declinations requirement when an agent renews a policy in the surplus-lines market through an unaffiliated, licensed wholesale broker. In recognition of Data Privacy Week, New York state is promoting techniques for protecting private data. Reinsurance refers to the system in which an insurer moves all or some of a risk to another insurer to give protection in case of risks on the first insurance. Plus, you can read about state-specific industry news, compliance issues, technical resources, education opportunities and upcoming events in this issue of the Weekly Dispatch.