Trends in the insurance industry have shown that carriers are raising rates, limiting coverages or pulling out of entire markets—often citing catastrophic losses tied to natural disasters. From wildfires in California and tornadoes in the Midwest, to hurricanes along...
The excess and surplus lines insurance market provides specialized coverage for risks that have been declined, nonrenewed or that possess unique underwriting characteristics. Also known as surplus lines or the nonadmitted market, this sector caters to risks that...
New England’s independent agents are experts at adapting to a playing field that’s constantly changing, and the current state of the market will surely test their resolve in months to come. As 2025 dawned, rates had stabilized in most lines, even if carrier appetite...
Planning for long-term care always has been one of the most emotionally complex and financially uncertain parts of preparing for retirement. Many families delay the conversation until they’re in crisis, often leaving limited options and a heavy burden on loved ones. But artificial intelligence is starting to change that, offering a smarter, more personalized way to think about long-term care planning, and providing independent agents with new tools to help their clients prepare with confidence.
In a major step toward modernizing Connecticut’s insurance regulations, the state House of Representatives has passed H.B.6981, a measure that eliminates an outdated procedural barrier in the surplus lines market. Spearheaded by Rep. Kerry Wood, D-29, a long-time...
As the insurance marketplace in Connecticut continues to evolve, PIACT has received reports from members across the state of carriers discontinuing or substantially reducing writing certain lines of coverage. During this time, it’s vital that Connecticut...
In New York state, personal-lines insurance policies come with a tightly regulated framework under Insurance Law Section 3425, setting specific rules for when and how policies can be canceled or nonrenewed. As an agent or broker, understanding these nuances isn’t just...
A.5811, a bill recently introduced to the New York state Assembly, would shine a light on how insurers handle liability coverage under the state’s infamous “Scaffold Law” (Labor Law Section 240). This law holds property owners and contractors absolutely liable for...
Macroeconomic factors and the marketplace have created favorable conditions for the insurance industry (as a whole) leading to strong, consistent profitability. While the industry continues to offer benefits like stability, recurring revenue and a robust secondary market, new challenges have emerged that can impact the insurance business negatively and create additional risk.
A client asked me, “Did I wait too long to sell?” Since the number of deals has generally been in decline since mid-2022, some agency owners may wonder if they missed the boat. They haven’t. In the second quarter of 2022, there were 1,206 deals announced for the prior...