Yearly Archives: 2022

NY First Launches Media Campaign in Support of Photo Inspection Reform

​Today, NY First, Big I NY’s coalition of agents and independent insurance carriers, issued a press release kicking off our public relations campaign aimed at building support for legislation to make auto photo inspections (CARCOs) optional at the discretion of insurers. The bill, dubbed the Auto Insurance Consumer Relief Act (S.6028), passed the New York State Assembly with bipartisan support at the end of March. If enacted, the bill will make it easier for customers to obtain comprehensive and collision coverage, and provide regulatory relief to consumers, independent agents and brokers, and insurance companies.In the coming month, Big I NY agents and our carrier partners will…

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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…

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