NYIA Annual Conference

The New York Insurance Association (NYIA) prides itself in offering the premier property and casualty insurance event in New York, and attendees say 2014 was no exception. More than 225 people joined NYIA this year at the Sagamore Resort in Bolton Landing, New York, May 28–30. New York State Department of Financial Services Superintendent Benjamin Lawsky was the keynote speaker and formally opened the event on Thursday, May 29. His address touched on a number of key issues including usage-based insurance, ride sharing services, his continued interest in finding new ways to fight auto insurance fraud, and the need for the Terrorism Risk Insurance Act to be renewed in a meaningful way—ideally permanently and as close to its current form as possible.

The Superintendent seemed committed to encouraging innovation in the state with his enthusiasm for usage-based insurance products being just the tip of the iceberg. “New York is not yet open for business when it comes to property and casualty insurance,” NYIA President Ellen Melchionni said. “I am encouraged by Superintendent Lawsky’s focus on innovation and enabling insurance companies to bring products to market that address the needs of today’s consumers. NYIA looks forward to working with the Superintendent and his team to identify other areas that can be addressed to make our state a better place for business and ultimately create a more robust marketplace for consumers.” Thursday morning included several other sessions that encouraged discussion on a myriad of key New York issues. The panel presentation immediately following the keynote, No Need to Go Undercover: Identifying New York coverage trends, was an in-depth discussion on a number of important coverage issues, including flood, cyber risk and hydrofracking. The panel was moderated by NYIA Chair Bernard Turi, senior vice president, general counsel and director of risk and reinsurance, Utica National Insurance Group. Panelists included Kimberly Davis, general counsel, Underwriters Rating Board; John Kadous, vice president of personal lines, American Association of Insurance Services; and Jan Scites, CEO and president, MSO, Inc.

Howard Kunreuther, professor and co-director of the Risk Management and Decision Processes Center at Wharton next gave his take on Why Insurance is the Most Misunderstood Industry . He used flood insurance as a prime example and engaged the audience in a spirited debate about how we can increase understanding as an industry. The conclusion of Thursday’s general session was Ready, Set, Go!: Insurance snapshot . This session included a number of reinsurance representatives who had 10 minutes and two slides to present three key takeaways on one important issue. Speakers included John DeMartini, executive vice president, JLT Towers Re; Diane Hyland, vice president, treaty account executive, General Reinsurance Corporation; Scott Rubenstein, senior vice president, Willis Re Inc.; Dirk Smith, vice president of engineering, Mutual Boiler Re; and Edouard Vieux, senior vice president, Swiss Re America. The group covered significant ground in one hour and provided great information about extreme weather, the changing weather models, the impact of emerging issues, solar power and usage-based insurance. Westchester County Executive and gubernatorial candidate Rob Astorino was the special guest speaker during NYIA’s Members’ Meeting and Luncheon. Astorino provided his vision for New York and shared his commitment to improving New York’s business climate.

The Thursday evening banquet was a celebration for two important individuals at NYIA. Thomas White, president of Community Mutual Insurance Company—a Union Mutual affiliate, was honored with the NYIA 2014 Chair’s Distinguished Service Award. White is a longstanding NYIA member with more than three decades of service to the industry and the association. It is a real privilege for NYIA to recognize him with this much-deserved award. NYIA’s office manager of 39 years, Barbara Lynch, was also recognized during the banquet. Barbara is retiring at the end of September. She will be greatly missed by the NYIA staff and membership.

The morning of Friday, May 30 featured several more education sessions. The first was a legislative Town Hall Meeting

moderated by William Melchionni, senior state relations officer – New York & New England for American International Group, Inc. NYIA was joined by Senator Neil Breslin, Assemblyman Will Barclay and Senate Insurance Committee Director Allison Cooper for this session. The panelists provided great insight on the legislative outlook for end of session and answered a variety of questions on state taxes and fees, auto insurance fraud, tort reform, and the Scaffold Law specifically— to name just a few. Scott Storm, partner at Mura & Storm, PLLC next presented Oops: Ethics in claim handling and underwriting . He provided an informative and entertaining presentation on the ethical issues that arise in the investigation, evaluation and settlement of claims as well as ethical dilemmas that can come about during the underwriting process and result in litigation. The conference concluded with a yearly staple, the Small Company Roundtable . Steven Coffey, president and CEO of Broome Co-operative Insurance Company moderated this year’s discussion. NYIA members say that the Annual Conference is an event that is not to be missed! Mark your calendar now so you don’t miss next year’s conference—May 27–29 at the Saratoga Hilton in Saratoga Springs, New York .