The New York state Legislature may be right in the middle of budget negotiations, but the Assembly took a break from the budget to pass one of PIANY’s top legislative priorities for the 2024 legislative session. The Assembly passed A.2866—which requires the New York...
N.Y.: Private flood-insurance market study passes Senate
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,...
N.Y.: Expanding horizons: Legislation introduced to widen CMAP eligibility
In New York state, a notable amendment has been proposed that would redefine the landscape of coastal property insurance. Targeting the Coastal Market Assistance Program, this bill (S.8320)— introduced by Sen. Shelley Mayer, D-37—would broaden the insurance options...
Winter flood preparedness: Navigate rising waters with confidence
As winter unfolds, it brings not just fridged temperatures but also the increased risk of flooding. While snowflakes and ice may paint a serene picture, they can quickly transform into a formidable force when temperatures rise, leading to winter floods. This article...
The industry’s role in making the world greener
While the insurance industry has yet to publicly and explicitly acknowledge global warming and the importance of protecting the environment, actions taking place within the industry—which are related to industries and governments—are indicative that a shift is...
Parametric disaster insurance
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...
PIA testifies before the N.Y. Assembly Committees on Insurance and Environmental Conservation
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...
What to know about New York’s windstorm policies
Like most things, insurance policies should be straightforward to understand. If you were to educate yourself about policies or ask your independent agent to clarify something, it shouldn’t lead to you agonizing over the details. In the case of homeowner’s insurance...
Water you mean I’m not covered? Navigate the flood insurance knowledge gap
The summer of ’23 has brought disastrous weather events in almost every region of the country. The Northeast faced record-breaking flooding. Vermont received two months’ worth of rain—more than nine inches—in just a few days. More than 4,000 homes were damaged by...
Insurance industry struggling with costs associated with extreme weather
With climate change set to raise the temperature of the planet dramatically, the frequency of natural disasters is increasing. The insurance industry is struggling to keep up with skyrocketing homeowners insurance claims. For example, drought conditions in California...