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​ Draft Amendments to Cybersecurity Amendments Announced; Big I NY to Submit Comments

​What Happened:On July 29th, the NYSDFS released a pre-proposed draft of forthcoming amendments to 23 NYCRR 500, New York's sweeping cyber regulation. The DFS proposes a wide range of changes to the regulation, including but not limited to:Require covered entities to strictly limit the number of “privileged accounts", aka those able to perform security-relevant functionsMore specific requirements for entity risk assessments, required annually and when there is a material change to risk, as opposed to “periodically."Possibly requiring employees of covered entities to develop their own third-party service provider policies. We have requested clarification on this as it would have troubling implications for individual agents.Expand the…

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Industry Roundup: Most Connected Car Drivers Aren’t Unlocking Premium Discounts with Data; Chubb Breaks Records In Q2 Earnings; Nearly All Major Commercial Lines Saw Premium Renewal Rate Change Increases in Q2 2022; Hartford, HSB Specialty Sued

Most Connected Car Drivers Aren't Unlocking Premium Discounts with DataOver 70% of drivers are interested in using connected car data for insurance discounts, but less than a quarter do.Chubb Breaks Records In Q2 EarningsIt was a record-breaking quarter for Chubb, the world's largest publicly traded property & casualty insurance company, which released its second quarter earning.​Nearly All Major Commercial Lines Saw Premium Renewal Rate Change Increases in Q2 2022According to the latest Ivans Index report, workers' compensation was the only major commercial line to see a negative change.New York Begins $30M Program to Help Municipalities Boost Cybersecurity EffortsNew York State is beginning a $30 million…

Continue ReadingIndustry Roundup: Most Connected Car Drivers Aren’t Unlocking Premium Discounts with Data; Chubb Breaks Records In Q2 Earnings; Nearly All Major Commercial Lines Saw Premium Renewal Rate Change Increases in Q2 2022; Hartford, HSB Specialty Sued

State Insurance Fund Leaves LCM Unchanged

​The New York State Insurance Fund​ (NYSIF) has announced that it is leaving its loss cost multiplier unchanged at 1.27. The announcement follows a recent announcement by the New York Compensation Insurance Rating Board (NYCIRB) that Workers Compensation insurance loss costs will decrease by an averagte of ​8.7% on October 1.​Loss costs are a component of insurance rates that reflect an insurer's expected cost of paying losses and allocated loss adjustment expenses. They do not include the insurer's overhead and profit. The loss cost multiplier is a numerical factor that the insurer applies to the loss cost to arrive at an appropriate rate. For example, ​the October 1, 2022 loss costs…

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