Industry News

​The New York Compensation Insurance Rating Board (NYCIRB) has announced that it is discontinuing a special Workers' Compensation classification created during the COVID-19 pandemic. The classification will no longer be valid as of July 25, 2021.The classification, code 8873 - Telecommuter Reassigned Employees, was introduced in May 2020. The board created it to recognize the reduced exposure of "employees who, during New York’s stay-at-home order related to the COVID-19 pandemic (and future stay-at-home orders), are reassigned to either (a) not perform any work duties (idle), or (b) perform clerical work duties at home."​ The loss cost assigned to the classification was equ​​The revision to the New York Workers'…

​Liberty Mutual Agrees to Buy State A​​uto In $2.29 Billion DealLiberty Mutual Holding Co. agreed to buy State Auto Financial Corp. for about $2.29 billion in cash, adding roughly 3,400 independent agencies in 33 U.S. states. Liberty Mutual is owned by its policyholders and is one of the more acquisitive insurers with that structure. How Insurance Agencies​​ Find Sales Talent in Small MarketsSmall markets pose a unique challenge for agencies looking to grow. You have more options than just the “born and bred" hometown producer, including newbies, out-of-industry converts and returning home stories. Learn some strategies that may help.Premium Finance:  Is thi​​s the next great…

​Some in Congre​​ss Push for Delay of Risk Rating 2.0In recent months, several members of Congress have expressed concern with FEMA's implementation of Risk Rating 2.0, and in some cases have gone so far as to push for a delay of the program's implementation. Risk Rating 2.0 is FEMA's new pricing methodology for the National Flood Insurance Program (NFIP). It is currently scheduled to be implemented starting on Oct. 1 for new policies and for those seeking to renew policies that will see lower rates under Risk Rating 2.0. It will be implemented for all other renewals starting in April 2022.Autonomous Vehicles: When Will They…