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NYAIP Hikes Max Producer Service Fee, Rates

Abstract: Insurance producers obtaining coverage from the New York Automobile Insurance Plan (NYAIP) will be able to charge larger service fees next year. Body: ​Insurance producers obtaining coverage from the New York Automobile Insurance Plan (NYAIP) will be able to charge larger service fees next year. The increase in the maximum fee from $65 to $100 takes effect on January 1, 2026.The New York State Department of Financial Services (DFS) approved NYAIP's proposed change to Section 21.C of the plan manual on September 4, 2025. Starting next January 1, producers will be able to charge fees up to $100 for all risks except:Commercial autosPrivate passenger…

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Three-Year Trends in New York’s P&C Insurance Marketplace

Abstract: The 2024 Big I New York P&C Marketplace Report is ready to read! Body: Premium Growth and Market Scale: New York's P&C insurance marketplace continued its upward trajectory over the past three years, with Direct Premium Written (DPW) growing from $58.7 billion in 2022, to $63.6 billion in 2023, and then to $69.0 billion in 2024. Year-over-year growth rates improved slightly from +7.8% in 2023 to +8.4% in 2024, although still below the national growth pace of +9.6%.Loss Ratios Performance: Loss ratios in New York remained relatively stable but slightly elevated compared to the national average. Across all P&C lines, New York posted:2022: 64%2023:…

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Big I New York Joins Statewide Coalition to Modernize Outdated Scaffold Law

Abstract: As part of its ongoing efforts to modernize New York’s costly Labor Laws 240 and 241, Big I New York has joined a broad coalition of Scaffold Law reform advocates to launch the Build More New York initiative. Body: ​As part of its ongoing efforts to modernize New York's costly Labor Laws 240 and 241, Big I New York has joined a broad coalition of Scaffold Law reform advocates to launch the Build More New York initiative. This diverse coalition includes contractors, businesses, municipalities, insurers, and other stakeholders affected by the law.  The group of advocates supports a federal proposal that would bar the…

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