In today’s rapidly changing world, traditional insurance products may fall short when it comes to effectively managing and mitigating risk. However, to fill those voids a new type of insurance product has emerged—parametric insurance. Parametric insurance covers the...
PIANY Director of Government & Industry Affairs Bradford J. Lachut, Esq., along with other industry representatives, testified this morning on extreme weather and the resiliency of the property/casualty insurance marketplace. The hearing was jointly hosted...
The findings of this year’s PIA Market Trends Survey have indicated that the insurance industry is in a hard market cycle. Now, let’s look at how the professional insurance agents who took the survey responded regarding changes in insurer and underwriting behavior,...
Professional insurance agents may be aware that the insurance industry is amid a hard market. This means you also may have noticed that your insureds’ premiums have risen, and insurance coverage is more restricted, among other changes. PIA Northeast conducted a survey...
As the rise in retail theft continues to plague businesses nationwide, the impact on the retail landscape is clear. The COVID-19 pandemic has created a unique set of circumstances that have contributed to the surge in retail thefts—affecting both large and small...
If you are like most of us, you are finding that property valuations are going crazy—what may be valued as $1.9 million home with an ISO carrier may be valued as a $1.4 million home based on an MSO carrier’s estimator. And, to add to that, who knows what the...
On Aug. 30, 2023, Secretary of U.S. Department of Health and Human Services, Xavier Becerra authored a letter to the Drug Enforcement Administration recommending that marijuana be reclassified from a Schedule I to Schedule III drug under the Controlled Substances Act....
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...
You are probably familiar with the turn of phrase Don’t shoot the messenger. It means not to blame the person delivering a message for the content of that message. Often, I think that all insurance agencies should have that sign up in their lobby or on their website,...
For decades, wildfires have been synonymous with California, as the Golden State has experienced some of the most devastating wildfires in our nation’s history. However, in recent years, wildfires have extended past California and now threaten other regions within the...