And Now For the Good News…

But first…a neat coincidence on June 27th, the morning between the two Democrat candidates’ debates. Newly ensconced Supt. of the Department of Financial Services, Linda Lacewell, spoke before members of the Insurance Federation of New York (IFNY), presenting her agenda in some key areas. She was well received. The new Superintendent was straight forward about her approach, mirroring, she said, the Governor’s approach.  In particular, she stated that decision making would be undertaken as often as possible with as many people as possible around the table, i.e. openly and in conference with interested and relevant parties. She listed typical parties including many important constituencies. During the Q&A she was asked—-and deftly answered—a question that was conspicuously absent from the Democrats’ debate on either evening. Roger Moak, past Chairman of IFNY, rose and asked the Superintendent: “Does your list include any Republicans?” She said her approach did not run along party lines and never would. Good to hear, in a nearly total Democrat-run state. Wish that one of the candidates that evening had included working with Republicans as a desired characteristic during this time of discord and teeth baring division. Maybe Roger should have been the TV interviewer instead of Chuck Todd….In any case, IFNY again held its position as the ideal, non lobbying, cross-section-of-the-industry forum and Supt Lacewell measured up…. On the P&C front, the NAIC 2018 Market Share Report and summary of industry progress – i.e. growth – is encouraging.

A few highlights:

• The top 10 groups made up 47% of the property and casualty market in the United States

• Private passenger auto liability is the top line of business with the highest amount of written premium

• There was a 5.37% increase in written premiums in the U.S. market compared to 2017

• By line of business, commercial auto liability had the largest increase in written premium, 13.14%, compared to 2017

• There was a 109% increase in written premium for burglary and theft over the last 10 years, the largest of any line of business

A snapshot of the carriers to keep in focus are included herein.