This past year, new risks are emerging that are affecting insurance agencies. According to a McKinsey & Co. report, “... while insurance as an industry may be slow to change, its risk environment is not.” Amid the developing risks in the digital realm, the...
The rise of artificial intelligence has been swift, with the industry transforming from mere stuff of sci-fi fantasy to a multi-billion-dollar industry seemingly overnight. Today, AI plays some role in nearly every aspect of our lives—from the health care we receive,...
Survey finds that 66% of workers would leave if required to work in the office full time. FEMA offers guidance on the Elevation Certificate & Floodproofing Certificate. NHID reminds insurers that notice is required when terminating insurance producers for cause. ‘Dwelling units’ would be required to have renters insurance if bill becomes law in New Jersey. And, the recent crane collapse in New York City has triggered insurance claims across several insurance lines—but which ones? Plus, you can read about state-specific industry news, advocacy updates, technical resources, upcoming events and information you may have missed in this issue of the Weekly Dispatch.
New Jersey Assemblymember William B. Sampson IV, D-31, introduced A-5696 on May 18, 2023. This bill would require renters insurance for individuals entering or renewing a lease for a dwelling unit. The legislation defines dwelling unit as any room, or group of rooms,...
The iconic New York City skyline is renowned for its dazzling lights, towering skyscrapers—and unfortunately its unsightly construction cranes and scaffolding. On July 26, 2023, a crane—situated atop a 45-story building in Midtown Manhattan—abruptly caught fire and...
New report: Half of breached organizations unwilling to increase security spending despite soaring breach costs. No easy fix on the horizon for M&A and talent challenges. New law in New Hampshire introduces comprehensive pet insurance regulations for consumers. And, revised workers’ compensation loss costs take effect in New York state on Oct. 1, 2023. Plus, you can read about state-specific industry news, technical resources, education opportunities and upcoming events in this issue of the Weekly Dispatch.
In May, an application for an overall loss cost decrease of 2.6% was submitted to the New York Department of Financial Services by the New York Compensation Insurance Rating Board. The DFS approved the application as filed with an effective date of Sunday, Oct. 1,...
Typically, any service provider’s emotional state influences the outcome of that service interaction. Ensuring emotionally positive points of connection are among the best predictors of customer loyalty. Have you considered your insureds’ criteria to evaluate positive...
Extreme weather continues to affect where insurers write business. PIA calls for agents to support Cannabis Safe Harbor, and Main Street Tax Certainty Act bills. Connecticut issues warning about potential identify theft incident. New Jersey submits request for FEMA major disaster declaration. And, Vermont issues warning about flood-related insurance scams, and adds two counties to disaster declaration. Plus, you can read about state-specific industry news, advocacy updates, education opportunities and information you may have missed in this issue of the Weekly Dispatch.
There are many outstanding questions about what the coming months and year may bring for the independent agent given the economic uncertainty over the last 18 months. The M&A world wants to be able to answer the following: Will M&A activity pick up steam in...