Summer is officially here, which means wedding season for many individuals across the country. But with the average couple spending about $30,000 on their special day, insurance professionals can help to offer peace of mind to their clients by discussing the security insurance provides if something goes wrong. Special event coverage, otherwise known as wedding […]
AI: Emerging risks and opportunities for agents
The rise of artificial intelligence has changed our world completely—sparking impressive advancements and opening doors to countless possibilities. Yet, as we continue in this AI-centric era, we need to be prepared for the unexpected pitfalls it might bring—especially...
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...
N.J.: Federal court puts a hold on insurance mandate to carry firearms
The United States District Court for The District of New Jersey issued a decision on May 16, 2023, that will—at least temporarily—suspend enforcement of an insurance requirement for those applying for a firearm-carry permit for in the state. The case of...
As hurricane season approaches: The factors that could drive the North Atlantic’s risk
[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...
Premiums on the rise: What to do about it
I’m not sure if you noticed, but prices went up in 2022. After decades of low inflation, the dams burst last year—and the United States experienced the highest inflation since the Carter Administration. In order to combat this historic inflation, the U.S. Federal...
2023 is underway—Re-engage with clients while they plan financially for the year ahead
We’re now in March. Have you broken your New Year’s resolutions yet? Exercising is time-consuming and it can be hard to find the energy to keep up. Drinking and eating less requires some cooperation from friends and family, as well as appealing food. Being more...
N.Y. cyber security certification of compliance filings due by April 15
Those individuals who hold a New York state insurance license (covered entities), including nonresident licensees, have until Saturday, April 15, 2023, to certify their compliance with the requirements of New York state’s cyber security regulation (23 NYCRR 500) for...
Real-life data breaches, experienced by real-life PIA member agents
Small businesses—which can include PIA members—are tempting targets for cyber crooks. They are just as vulnerable to data breaches as big companies, but they have fewer defenses. Members who have walked clients through the cyber claim process or who have been hacked...
Coastal insurance market update–2023
We have all seen on the news the of the intense hurricanes hitting Florida, the big Texas freeze in February of 2021 and most recently “island towns” forming in California due to runoff from the large amount of rain. The claims resulting from catastrophes are known as...