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...
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...
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...
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...
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...
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...
The New York Legislature certainly has been active on PIANY priority-issues. PIANY’s top priority photo inspection bill passed the Legislature late last month. This week, another PIANY priority passed the state Assembly, which deals specifically with windstorm...
[EDITOR’S NOTE: This article originally appeared in the September 2022 issue of PIA Magazine. As we prepare for the 2023 hurricane season—which Colorado State University’s Department of Atmospheric Science has been predicted to be ‘slightly below-average’—it stands as...
Recently, claims management has had a hard and unmissable shove into the future. With the growing emphasis on digital transformation and the rise of InsurTechs, it’s nearly impossible to manage claims—or even exist—in the property/casualty insurance industry without...