Our Advocacy Push in the Hard Market: A Glimpse Behind the Scenes in October
We know that current market conditions are challenging and frustrating. You, your team, and your clients are stressed. We must “pull the curtain back” so you can see the multi-pronged approach we are taking to work with key stakeholders to stabilize the market. Supporting and advocating for our members and their clients is our highest priority. You are not alone- we have your back.
Below is just a glimpse of what we did in October…
Research
- Engaged an outside consultant to determine carrier profitability in New York, Connecticut, and the United States in four (4) key lines of business
- Analyzed growth in New York Automobile Insurance Plan (NYAIP) business
- Met with Excess Line Association of New York (ELANY) leadership to discuss trends in New York excess and surplus lines (E&S) business
- Cataloging carrier compensation changes in New York
Regulatory
- Members of the association’s Executive Committee met in person with top officials from the New York State Department of Financial Services (NYSDFS): John Finston, Executive Deputy Superintendent, and Ellen Buxbaum, Director of Producers Bureau. The focus of the meeting was to discuss the dire market conditions and strategies to bring stability so New York does not become the next California or Florida.
- Multiple conversations with NYSDFS on market developments and solution strategies
Legislative
- Met in person with Assemblyman David Weprin, Chair of the Assembly Insurance Committee, and his senior staff to discuss the market conditions and strategies to stabilize.
- Presented an Insurance Education class to Assembly members (46 in attendance), educating them on independent agents, the basics of insurance, and market conditions
- Meeting with Senator Neil Breslin, Chair of the Senate Insurance Committee, next week to discuss market conditions and strategies to address
- Advocating for the veto of legislation that would significantly expand wrongful death awards, further destabilizing the market
Administrative
- Engaged the Governor’s staff on market conditions and the need for support for the NYSDFS to implement new approaches
- Attended an event that Governor Hochul spoke at and chatted briefly with her about our membership
Carriers
- Met with carriers that have made agency compensation reductions, expressing our concern and disappointment.
- Held a NY First meeting to discuss the market condition, progress with the NYSDFS, and reiterated the value of the independent agent channel
Member Education, Response & Resources
- Fielded over 200 emails and phone calls with members to provide guidance and resources
- Held a Town Hall Meeting on Market Conditions with over 400 live attendees
- Launched the IIABA Hard Market Toolkit
- Deployed a new section on our website dedicated to curating the Hard Market Resources
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