Monthly Archives: April 2022

Industry Roundup: Pricing for Insurance Lines Begins to Stabilize Excluding Cyber; AIG Considers Adding Policy Exclusions for Russia, Ukraine; Goldman Poll Finds Insurers Expect a U.S. Recession; Employers Adapting to New World of Worries

​Pricing for Insurance Lines Begins to Stabilize Excluding CyberThe commercial insurance market is beginning to show signs of normalcy in 2022, despite a steady slowing of rate increases. According to the 2022 Marketplace Realities Report, Spring Update by WTW, a leading global advisory, broking, and solutions company, buyers are still seeing rate increases; however, many of those increases are now dropping to single digits and even flat renewals.AIG Considers Adding Policy Exclusions for Russia, UkraineAccording to an insurance broker and a source familiar with the matter, one of the world's largest commercial insurers, AIG, is considering cutting cover for Russia and Ukraine in order to…

Continue ReadingIndustry Roundup: Pricing for Insurance Lines Begins to Stabilize Excluding Cyber; AIG Considers Adding Policy Exclusions for Russia, Ukraine; Goldman Poll Finds Insurers Expect a U.S. Recession; Employers Adapting to New World of Worries

Albany Update: Big I NY Meets With DFS Leadership, Advocacy Week(s) Recap

​On Thursday, the Big I NY Board of Directors met with senior leadership of the Department of Financial Services, including My Chi To, Executive Deputy Superintendent for Insurance, Sumit Sud, Senior Deputy Superintendent of Insurance, and Ellen Buxbaum, Director of Producer Supervision. Both DFS and Big I NY expressed an interest in working collaboratively to promote the health of the state's insurance industry and protect consumers. We thank the DFS for their interest in partnering with industry stakeholders, and look forward to working with the Department on the issues that are most important to independent agents and our customers.​On Friday, Independent Agents Advocacy Week(s) concluded, wrapping up…

Continue ReadingAlbany Update: Big I NY Meets With DFS Leadership, Advocacy Week(s) Recap

Albany Update: Advocacy Week(S), Budget Deal Reached, Priority Excess Lines Bill Passes Senate

Agents Advocacy Week(S)This week, Big I NY member agents from across the state descended on Albany (virtually) to urge lawmakers to support several pro-consumer bills. Agents urged members of the Senate to co-sponsor our bill to make auto photo inspections (CARCOs) optional at the discretion of insurance carriers. This bill recently passed the Assembly for the first time ever, and we are ramping up the pressure to pass the bill through the Senate before the end of session in June. Our agents also urged for the passage ofbills to eliminate the 30-day notice to withdraw from the State Insurance Fund, eliminate the diligent effort requirement when placing…

Continue ReadingAlbany Update: Advocacy Week(S), Budget Deal Reached, Priority Excess Lines Bill Passes Senate