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What You Need To Know When a Carrier Withdraws From the Market

​On Monday, August 7, an insurance carrier that has written a significant amount of personal auto and homeowners coverage in New York informed its agents that it intends to withdraw its primary underwriting company from the preferred home and auto insurance market in all states. Since that announcement, we have received questions from members about the rules the carrier must follow in New York as it implements its exit.The bottom line is that any carrier providing personal property and casualty insurance must have a withdrawal plan approved by the New York State Department of Financial Services (DFS). They cannot implement that plan without approval. Here…

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Looking for Support on How to Communicate in this Market?

Check out the Hard Market Toolkit brought to you by Trusted ChoiceDuring these challenging times of rising premiums in a hard market, independent insurance agents are more important than ever.​ Trusted Choice has designed the Hard Market Toolkit with you in mind.Resources included:An overview of market conditionsExpert advice for surviving a hard market from savvy independent agentsTalking points for clientsClient email templatesFrequently asked questions from clientsA general communication timeline to keep your agency on trackRemarketing strategy including standards document (fill-in template)Renewal process outlines and strategyPersonal lines and commercial lines renewal formsCustomizable videos and graphics to help your agency stand outACCESS THE TOOLKIT HERE​Source

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NY Work Comp Loss Costs Dropping Again in October

​The New York Compensation Insurance Rating Board announced ​last week that the state Department of Financial Services (DFS)  has approved a reduction in Workers' Compensation insurance loss costs. New York employers will see an average 2.6 percent decrease in the loss costs used to calculate their premiums effective Oct. 1, 2023.You can find the new loss costs in the board's announcement. Source

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