Industry News

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:…

Abstract: At the request of the Department of Financial Services, the NYAIP is soliciting producer trade organizations for qualified producers (at least five years of work experience) who are interested in serving in the capacity of public member or public member alternate on the NYAIP Governing Committee or Peer Review Panel. Body: ​We are publishing the following message at the request of the New York State Department of Financial Services.Dear Producers, Section 4 of the New York Automobile Insurance Plan (NYAIP) manual provides for the Department of Financial Services to appoint 2 public members and at least 4 public member alternates to the Governing Committee of…

Abstract: Overall loss costs for Workers' Compensation (WC) insurance in New York will decrease by an average 13.2%, according to the New York Compensation Insurance Rating Board. Body: ​Overall loss costs for Workers' Compensation (WC) insurance in New York will decrease by an average 13.2%, according to the New York Compensation Insurance Rating Board. The change in loss cost levels applies effective October 1, 2025.This is the ninth consecutive year that WC insurance loss costs have decreased in New York.Loss costs are not premium rates. They reflect the expected cost of paying losses plus adjustment expenses. Each insurance provider, including the New York State Insurance Fund,…