Reinsurance refers to the system in which an insurer moves all or some of a risk to another insurer to give protection in case of risks on the first insurance. In the last few years, reinsurance firms have proven themselves as essential in steering the direction of...
Economic momentum in U.S. auto, home, and business insurance
According to the Insurance Information Institute, the insurance industry is seeing more economic momentum in U.S. auto, home, and business insurance than the entire U.S. economy. Mortgages and other personal loans will cost less, allowing for economic development in...
What agents need to know as the insurance markets harden, PIA has tools to offer guidance
Hard market refers to a high demand for insurance and a decreased desire to insure. A soft market marks the opposite, when the demand for insurance coverage and competition in the market is minimal. The COVID-19 pandemic caused global economic hardship. The U.S. is...
Cannabis and its effect on the industry
There are multiple bills pending in Congress that are designed to ease significantly, and ultimately eliminate, the tension that exists between the laws of states that have legalized the use of cannabis for adult use and federal law, which prohibits the cultivation,...
N.J.: Cannabis safe harbor bill introduced in state Senate, federal hurdles still exist
PIANJ-supported legislation, S-3239, that would create a safe harbor for insurance producers and carriers who do business with cannabis-related business was introduced in the state Senate. What does the legislation do? This legislation, sponsored by Sen. Joseph...
N.J.: Cannabis safe harbor bill moves forward
PIANJ-supported legislation, A-389, which would create a safe harbor for insurance producers and carriers working with a cannabis-related business was reported out of the state Assembly Financial Institutions and Insurance Committee—a major step toward the bill...
Berkshire Hathaway GUARD Insurance to cease writing certain HO risks
Berkshire Hathaway GUARD Insurance Cos. announced it will no longer write certain classes of homeowners’ risks. In a notice sent to GUARD agencies at the end of June, the carrier stated it would no longer accept new submissions for homeowners coverage for any property...
COVID-19: How life insurance sales are trending
Communities around the globe first faced the threat of COVID-19 in late 2019. At the time, no one knew how bad it was going to be, but as cities overseas (e.g., China and Italy) began to experience the effects of the pandemic—and lockdowns were instituted to blunt the...
WHAT?!?!—FEMA Risk Rating 2.0
Not up-to-date with the Federal Emergency Management Agency’s new Risk Rating 2.0? Consider this a crash course in the new flood rating methodology, which will be rolled out in two phases starting Friday, Oct. 1, 2021. Risk Rating 2.0 is an innovative theory, and we...
Best practices to selling in a hardening market
The insurance industry is comprised of cycles. Hard-market cycles happen to course correct when rates are inadequate, when there are recessions and economic turnarounds, or when unforeseen events occur, such as the COVID-19 pandemic. However, even though the hardening...