Yearly Archives: 2023

Big I NY Testifies on the Impact of Extreme Weather on the Insurance Market

This week, Scott Hobson, Big I NY's AVP of Government Relations, testified before the NYS Assembly Committees on Insurance and Environmental Protection on the impact of extreme weather on the state's property and casualty insurance market. In the hearing, lawmakers sought testimony on the impact that these types of weather events have had on the New York property and casualty insurance market, including premium rates, policy cancellations and renewals, and explore what steps the Legislature can take to ensure a robust and affordable property and casualty insurance market in New York State going forward.“Put simply, the impact of extreme weather events on the resiliency of…

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Three Elevated Risks When Buying an Agency in a Hard Market

​By: Colby AllenGoing through the process of buying an agency can require a high amount of effort in a stable market, so trying to make an offer now can change how you perform due diligence. Many agencies are trying to manage threats to their operations such as client retention, staff retention, and even carrier retention.Although these risks are a normal part of evaluating the agency many agency owners are struggling to manage one, if not multiple, of these important factors of their business. This article will dive into each of these risk factors in more detail while also providing some questions you should consider when…

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Photo Inspection Reform Bill Signed Into Law!

​Statement from Ted Walsh, Big I NY Chair of the Board:Today is a great day for New York auto insurance policyholders and independent insurance agents, We're thrilled to share that Governor Kathy Hochul signed into law Big I New York's "Auto Insurance Consumer Relief Act," a measure supported by both consumers and the insurance community. The bill allows insurance companies to waive pre-insurance photo inspections beginning on May 15th, 2024, until October 1st, 2027.For too long, the photo inspection mandate has been a burden and an inconvenience for hard-working New Yorkers. Modern solutions for combatting fraud have made the regulation unnecessary and obsolete. On behalf of policyholders across…

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