Yearly Archives: 2022

Industry Roundup: P&C Sector Outlook Stable Despite Claims Inflation; When Recession Strikes, Fraud Spikes; Auto Loss Costs Not Coming Down, Bigger Rate Hikes Ahead; Baksetball Hall of Fame and Chubb Hit the Court Over D&O Coverage

  • Post category:News

US P&C sector outlook stable despite further claims inflation, says Moody'sA recent report by Moody's affirmed that its stable outlook for the US commercial P&C insurance sector reflects strong underwriting profitability, despite slowing price increases and persistent claims inflation.When Recession Strikes, Fraud SpikesData shows reports made to the FBI's Internet Crime Complaints Center increased by 69.4% from 2019 to 2020.​Auto Loss Costs Not Coming Down; Bigger Rate Hikes Ahead: Allstate CEOHigher auto loss costs are here to stay, according to the leader of Allstate, who also said that his company will be pushing up auto insurance prices higher, and at a faster pace, for the…

Continue ReadingIndustry Roundup: P&C Sector Outlook Stable Despite Claims Inflation; When Recession Strikes, Fraud Spikes; Auto Loss Costs Not Coming Down, Bigger Rate Hikes Ahead; Baksetball Hall of Fame and Chubb Hit the Court Over D&O Coverage

​ Albany Update: “Not One More Cost Hike” Campaign Launches

Last week, the Lawsuit Reform Alliance of New York, with support from Big I NY, launched a new ad campaign, “Not One More Cost Hike", in order to educate elected officials, local business owners, families, and voters of the costly consequences of A.6770/S.74-A. As written, the bill will radically expand the types of damages recoverable in wrongful death lawsuits – sending insurance premiums skyrocketing.Agents are urged to contact Governor Hochul and ask her to veto this bill. An analysis from global actuarial firm Milliman, Inc. finds that if A.6770/S.74-A is enacted, insurance costs – including personal auto and general liability for small businesses – could…

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Albany Update: Big I NY Calls for Veto of Harmful Workers Comp Bills

This week, we joined over forty business associations representing virtually every sector of the state's economy in urging Governor Hochul to veto three harmful workers compensation bills.​ If enacted, they would increase workers' compensation benefits by millions of dollars, resulting in higher costs and premiums for all New York State businesses, especially small businesses, at a time when they are contending with unrelenting economic challenge.A.1118 (Bronson)/S.768 (Gounardes) redefines temporary total disability, marking a fundamental shift in the definition of disability and how wage replacement amounts are determined in New York State. This bill upends case law by allowing for unlimited awards at the temporary total…

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