<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>September 2024 | Insurance Advocate</title> <atom:link href="https://www.insurance-advocate.com/category/2024/september-2024/feed/" rel="self" type="application/rss+xml" /> <link>https://www.insurance-advocate.com</link> <description>Since 1889</description> <lastBuildDate>Tue, 17 Dec 2024 10:28:00 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.2</generator> <item> <title>Donegal Insurance Group to Benefit from ZestyAI’s Roof Age Solution </title> <link>https://www.insurance-advocate.com/2024/11/15/donegal-insurance-group-to-benefit-from-zestyais-roof-age-solution/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Fri, 15 Nov 2024 03:30:38 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[September 2024]]></category> <category><![CDATA[In the Companies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15086</guid> <description><![CDATA[<p>New AI-Powered Solution Enhances Property Risk Assessment by Accurately Determining Roof Age Across the Contiguous US MARIETTA, PA – ZestyAI, the leading provider of climate and property risk analytics solutions powered by Artificial Intelligence (AI), has announced tits partnership with Donegal Insurance Group® on a project that utilizes its new Roof Age solution for Donegal’s existing Personal […]</p> The post <a href="https://www.insurance-advocate.com/2024/11/15/donegal-insurance-group-to-benefit-from-zestyais-roof-age-solution/">Donegal Insurance Group to Benefit from ZestyAI’s Roof Age Solution </a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1"><strong><em>New AI-Powered Solution Enhances Property Risk Assessment by Accurately Determining Roof Age Across the Contiguous US</em></strong></p> <p class="p1">MARIETTA, PA – ZestyAI, the leading provider of climate and property risk analytics solutions powered by Artificial Intelligence (AI), has announced tits partnership with Donegal Insurance Group® on a project that utilizes its new Roof Age solution for Donegal’s existing Personal Lines book of business.</p> <p class="p1">Through the project, Donegal, a Pennsylvania-based regional insurance carrier, leveraged ZestyAI’s Roof Age solution to populate Homeowner policy renewals where roof age was absent.</p> <p class="p1"> ZestyAI’s Roof Age solution pinpoints the age of a roof using data from both building permits and historical imagery going back 20-plus years. This unique approach allows the company to determine the validated age of each roof with over 90 percent accuracy and nearly 100 percent coverage across the contiguous US.</p> <p class="p2">“Accurate roof age information is critical for properly assessing and pricing risk,” said Hank Narvaez, Vice President of Personal Lines Product Development at Donegal. “ZestyAI’s Roof Age solution was a clear choice for us due to its solid coverage length of historical imagery. By leveraging both building permit data and aerial imagery, we gain added confidence in our underwriting and rating decisions.”</p> <p class="p1"><span class="s2"> </span>“Blind spots in assessing property risk can be very costly for insurers,” said Attila Toth, Founder and CEO of ZestyAI.</p> <p class="p1">“Roof claims stand as the primary driver of insurance losses, yet many carriers continue to rely on unvalidated roof age information. We are excited to partner with Donegal to enhance their risk assessment with the most accurate roof age solution on the market.”</p> <p class="p1"> Roof Age is one part of a complete range of ZestyAI products designed to evaluate roof-related risk. Other solutions include Digital Roof, which creates a digital twin of every structure in the US for unparalleled insights on condition, complexity, and potential points of failure, as well as peril-specific risk models such as Z-HAIL, Z-WIND, and Z-STORM.</p> <p class="p1">Donegal Insurance Group provides personal and commercial insurance products through a network of independent agents in 23 states and across several regions of the U.S. In Texas, Colorado, Utah, New Mexico and Arizona, business is conducted under the Mountain States Insurance Group name; and in Michigan, business is conducted under the Michigan Insurance name. Headquartered in Marietta, Pa., the Company has been in the insurance business for more than 130 years.</p> <p class="p1">Learn more about how Donegal is There when it matters most.<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;" /> Visit <a href="https://www.donegalgroup.com">https://www.donegalgroup.com</a>.</p> <p class="p4"><span class="s3"><b>About ZestyAI</b></span></p> <p class="p5"><span class="s3">ZestyAI is the leading property and climate risk platform for Property and Casualty insurers in North America. The company has revolutionized the world’s understanding of property and climate perils by combining artificial intelligence with historical losses and cutting-edge data sources. Leading insurers and real estate companies trust ZestyAI’s platform to identify risk and assess exposure, including the impact of catastrophic events like wildfires, hail, and wind storms. ZestyAI helps insurers make more informed underwriting decisions, rate fairly and accurately, enhance reinsurance outcomes, and improve customer experience through actionable risk insights that both property owners and regulators trust.</span></p> <p class="p5"><span class="s3">For more information on how ZestyAI is revolutionizing risk management, visit <a href="http://www.zesty.ai">www.zesty.ai </a></span></p>The post <a href="https://www.insurance-advocate.com/2024/11/15/donegal-insurance-group-to-benefit-from-zestyais-roof-age-solution/">Donegal Insurance Group to Benefit from ZestyAI’s Roof Age Solution </a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Todd Jackson is Big I’s New Chairman</title> <link>https://www.insurance-advocate.com/2024/09/15/todd-jackson-is-big-is-new-chairman-3/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Sep 2024 10:00:05 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[September 2024]]></category> <category><![CDATA[Covers]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=14958</guid> <description><![CDATA[<p><img width="1978" height="2560" src="https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-scaled.jpg" class="attachment-full size-full wp-post-image" alt="September-isse-cover" decoding="async" fetchpriority="high" srcset="https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-scaled.jpg 1978w, https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-232x300.jpg 232w, https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-791x1024.jpg 791w, https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-768x994.jpg 768w, https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-1187x1536.jpg 1187w, https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-1583x2048.jpg 1583w, https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-791x1024-500x647.jpg 500w" sizes="(max-width: 1978px) 100vw, 1978px" /></p>]]></description> <content:encoded><![CDATA[<p><img width="1978" height="2560" src="https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-scaled.jpg" class="attachment-full size-full wp-post-image" alt="September-isse-cover" decoding="async" srcset="https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-scaled.jpg 1978w, https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-232x300.jpg 232w, https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-791x1024.jpg 791w, https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-768x994.jpg 768w, https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-1187x1536.jpg 1187w, https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-1583x2048.jpg 1583w, https://www.insurance-advocate.com/wp-content/uploads/2024/10/IA-SEPTEMBER-24-COVER-791x1024-500x647.jpg 500w" sizes="(max-width: 1978px) 100vw, 1978px" /></p>]]></content:encoded> </item> <item> <title>CIBGNY Battles for brokers at DFS, targeting HO, other markets</title> <link>https://www.insurance-advocate.com/2024/09/15/cibgny-battles-for-brokers-at-dfs-targeting-ho-other-markets/</link> <dc:creator><![CDATA[Steve Acunto]]></dc:creator> <pubDate>Sun, 15 Sep 2024 08:00:14 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[September 2024]]></category> <category><![CDATA[Foreword]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=14952</guid> <description><![CDATA[<p>Insurance Advocate goes way back with the CIBGNY to when it was 5 organozations – one per borough – and to when it had a giant annual black tie dinner – always covered with fotos- and had its annual Catskill convention, egg tossing and all. Many great men and women were the backbone of this […]</p> The post <a href="https://www.insurance-advocate.com/2024/09/15/cibgny-battles-for-brokers-at-dfs-targeting-ho-other-markets/">CIBGNY Battles for brokers at DFS, targeting HO, other markets</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">Insurance Advocate goes way back with the CIBGNY to when it was 5 organozations – one per borough – and to when it had a giant annual black tie dinner – always covered with fotos- and had its annual Catskill convention, egg tossing and all. Many great men and women were the backbone of this group and their names continue today, The CIBGNY is still standing up, uniquely for the City broker, whether is a storefront with services in any one of teh 114 languages spoken in NYC or in a high rise downtown. Recently, CIBGNY President Rino Pietanza, its Vice-President Peter Conte – both second generation in leadership of the Group, and Legislative Committee Chair Jeff Greenfield, who has done so much for agents and brokers as did his father,<span class="Apple-converted-space"> </span>met with senior leadership at the NY Department of Financial Services, including two Deputy Superintendents and Senior Advisor the Superintendent. The meeting was held to discuss the availability of homeowners insurance in downstate New York, according to CIBGNY, who reported that they felt the meeting was productive. Among topics addressed were “the market withdrawal of Adirondack Insurance and Mountain Valley Indemnity Company, the industrywide underwriting restrictions that have taken place over the last 2 years, and the medium-to-long term stability of home insurance in Downstate NY”, a report to members stated.</p> <p class="p2">The report outlined it further:</p> <p class="p2">Adirondack / MVIC – many members were not happy with the process by which the carriers are leaving the marketplace. DFS felt the withdrawal agreement was a win for the marketplace, in place of a liquidation, which would have cancelled all policies immediately.<span class="Apple-converted-space"> </span>CIB made various requests to ensure an orderly cancellation process.</p> <p class="p2">CIB presented several areas which it felt could improve market conditions, including DFS’s time delay in responding to rate increase and form filing requests by carriers. “While we are not pushing for higher rates for our clients, we need carriers to come back into the space to provide options to our clients”. DFS stated they are currently understaffed. Personnel in the rate filing area is returning shortly, which should speed up response times.They are also looking to other ways to improve the process.</p> <p class="p2">CIB expressed concerns over the depth of this hard market “Supercycle” and presented DFS with a vivid picture of the Downstate homeowners market condition. CIB is aware DFS does not control nationwide market cycles, reinsurance, or inflation, but stressed the importance of having a responsive regulator in place for difficult times like this.</p> <p class="p2">CIBGNY’s volunteer leaders are fighting for the independent agent and broker in an effort to improve insurance availability in New York….a fight worth joining with dues dollars and presence.</p> <p class="p2"><b>SA</b></p>The post <a href="https://www.insurance-advocate.com/2024/09/15/cibgny-battles-for-brokers-at-dfs-targeting-ho-other-markets/">CIBGNY Battles for brokers at DFS, targeting HO, other markets</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Todd Jackson is Big I’s New Chairman</title> <link>https://www.insurance-advocate.com/2024/09/15/todd-jackson-is-big-is-new-chairman/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Sep 2024 08:00:12 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[September 2024]]></category> <category><![CDATA[Cover Story]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=14954</guid> <description><![CDATA[<p>Indiana’s Jackson leads national association for 2024-25 term. The Independent Insurance Agents & Brokers of America (the Big “I”) installed Indiana’s Todd Jackson, owner and partner at McGowan Insurance Group in Indianapolis, as the 2024-2025 Big “I” chairman at the recent Big “I” Fall Leadership Conference in Indianapolis. With over 30 years of experience in […]</p> The post <a href="https://www.insurance-advocate.com/2024/09/15/todd-jackson-is-big-is-new-chairman/">Todd Jackson is Big I’s New Chairman</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<h3 class="p1">Indiana’s Jackson leads national association for 2024-25 term.</h3> <p class="p1">The Independent Insurance Agents & Brokers of America (the Big “I”) installed Indiana’s Todd Jackson, owner and partner at McGowan Insurance Group in Indianapolis, as the 2024-2025 Big “I” chairman at the recent Big “I” Fall Leadership Conference in Indianapolis.</p> <p class="p1">With over 30 years of experience in insurance, Jackson has been a prominent volunteer leader with the Big “I” at the state and national level. He served on the Big I Indiana Board of Directors, which expanded to the Indiana Executive Committee before eventually becoming state president in 2013. He also represented Indiana on the national Big “I” Board of Directors for four years, served on the Trusted Choice® board and the Finance Committee, and was elected to the national Executive Committee in 2018.</p> <blockquote> <p class="p1"><i>“Todd’s dedication to the independent agency channel and to Big ‘I’ members shines through in the numerous ways he’s already served the association and in his continued passion for giving back to the independent agency system,” says Charles Symington, Big “I” president & CEO. “We’re grateful for his leadership as the Big ‘I’ continues to evolve its technology and programs to provide members with the tools they need to succeed in the hard market and beyond.” </i></p> </blockquote> <p class="p1">As the new chairman, Jackson is focusing on reinforcing the association’s core member benefits and enhancing operational efficiencies. This includes prioritizing programs that deliver value to members while ensuring the Big “I” supports member agencies’ evolving needs, as well as fostering a strong relationship between the national Big “I” and state associations.</p> <blockquote> <p class="p1"><i>“I am committed to working together to overcome our biggest challenges,” Jackson says. “And I am committed to continuing the free and open exchange of ideas with our state leaders to make the Big ‘I’ better for our members.”</i></p> </blockquote> <p class="p1">Along with Jackson’s installation, Lou Moran III, president of Inter-Agency Insurance Service in Knoxville, Tennessee, was sworn in as Big “I” chairman-elect. Angela Ripley, president of VW Brown Insurance Services in Columbia, Maryland, will be the 2024-2025 vice chair. Jackson succeeds chairman Mike McBride, president of Mason-McBride in Troy, Michigan, who will remain on the Big “I” Executive Committee for an additional year as immediate past chair.</p> <p class="p3"><em><span class="s1">Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice® brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.</span></em></p>The post <a href="https://www.insurance-advocate.com/2024/09/15/todd-jackson-is-big-is-new-chairman/">Todd Jackson is Big I’s New Chairman</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Applied Systems Acquires Planck</title> <link>https://www.insurance-advocate.com/2024/09/15/applied-systems-acquires-planck/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Sep 2024 07:30:12 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[September 2024]]></category> <category><![CDATA[In the Companies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=14949</guid> <description><![CDATA[<p>Applied Systems (“Applied”) has announced that it has acquired Planck, the leading Artificial Intelligence (AI) company for the insurance industry. This strategic acquisition will significantly expand Applied’s AI capabilities, accelerating its vision for the next generation of the digital roundtrip of insurance and creating more value at every stage of the insurance lifecycle for the benefit of agencies, carriers […]</p> The post <a href="https://www.insurance-advocate.com/2024/09/15/applied-systems-acquires-planck/">Applied Systems Acquires Planck</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">Applied Systems (“Applied”) has announced that it has acquired Planck, the leading Artificial Intelligence (AI) company for the insurance industry. This strategic acquisition will significantly expand Applied’s AI capabilities, accelerating its vision for the next generation of the digital roundtrip of insurance and creating more value at every stage of the insurance lifecycle for the benefit of agencies, carriers and their clients.</p> <blockquote> <p class="p1"><i>“We believe the time is now to take bold steps to lead the insurance industry in discovering and implementing the benefits AI has to offer,” said Taylor Rhodes, CEO of Applied Systems. “By acquiring Planck, we will be investing behind a world-class team of AI and Data Science experts to accelerate the application of leading AI capabilities to insurance workflows. With our unique set of insurance technology assets that span both the agency and carrier sides of the market, our investment in Planck will deliver a significant opportunity to create AI-driven value throughout the next generation of the digital roundtrip of insurance in ways that will help our clients know more, do more of what differentiates them the most, and win more often.”</i></p> </blockquote> <p class="p1">Over the past 18 months, Applied has released our first versions of AI-powered features in select Applied and EZLynx products, while also experimenting with various AI capabilities through our Applied AI Lab in collaboration with some of the industry’s largest agents and carriers. These use cases have highlighted significant opportunities for the insurance industry to reduce inefficiencies from redundant tasks and unlock the value of data, creating a more accurate and comprehensive view of business operations to fuel additional growth. By leveraging AI capabilities, Applied aims to enhance the speed and quality of critical business processes, including marketing, sales, underwriting, renewals, servicing, and advisory services. This acquisition will further expand opportunities to harness AI’s value in secure and practical ways, delivering intelligent automation throughout the insurance lifecycle.</p> <p class="p1">“We started Planck with the belief that access to real-time data to get a full picture of a business is more crucial than ever when identifying the actual risk factors that are core to insurance,” said Elad Tsur, CEO and Co-Founder of Planck. “We are excited to build on the success of delivering our industry-leading AI capabilities to carriers by partnering with Applied to extend the power of AI to the agency and broker distribution side of the market.”</p> <p class="p1">Hellman & Friedman, a preeminent global private equity firm with a distinctive focus on investing in high-quality growth businesses with a long-term approach, has been Applied’s majority shareholder since 2014, alongside minority shareholders Stone Point Capital, JMI Equity, and capitalG.</p> <p class="p1">Applied Systems is a leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is one of the world’s largest providers of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.Planck provides an AI-based data platform for commercial insurance, working with top US insurance companies and helping them increase premiums while reducing loss and expense ratios. Its mission is to empower commercial insurers by generating insights that streamline the commercial underwriting process, enabling insurers to instantly and accurately underwrite any policy. Planck was founded by a team of serial entrepreneurs with an extensive background in insurance and technology.</p>The post <a href="https://www.insurance-advocate.com/2024/09/15/applied-systems-acquires-planck/">Applied Systems Acquires Planck</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Safety and Insurance Tips for College Students</title> <link>https://www.insurance-advocate.com/2024/09/15/safety-and-insurance-tips-for-college-students/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Sep 2024 07:00:13 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[September 2024]]></category> <category><![CDATA[MSO Inc.]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=14946</guid> <description><![CDATA[<p>By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President Going away to school is an exciting time for children and their parents. But, in addition to choosing classes, finding a place to live and making new friends, there are important issues that every college student needs to think about, such […]</p> The post <a href="https://www.insurance-advocate.com/2024/09/15/safety-and-insurance-tips-for-college-students/">Safety and Insurance Tips for College Students</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<h3 class="p1">By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President</h3> <p class="p1">Going away to school is an exciting time for children and their parents. But, in addition to choosing classes, finding a place to live and making new friends, there are important issues that every college student needs to think about, such as safety and insurance. Helping students and their parents understand the exposures and provide proper protection is another value-added service of the professional insurance agent.</p> <p class="p3">College students living away from home need to take life safety precautions.<span class="Apple-converted-space"> </span>Living in a dorm is no different than staying in a hotel. Students should familiarize themselves with the nearest, as well as alternate, exits. Keeping a fire extinguisher handy is always a good idea.</p> <p class="p3">According to the National Fire Protection Association (NFPA), from the years 2017- 2021, there were an average of 3,379 fires in dormitories, frat houses and off campus housing. They resulted in an average of 23 injuries and $12 million in direct property damage per year.<span class="Apple-converted-space"> </span>Most of these incidents (9 out of 10) were cooking related. Appliances such as grills, ovens, hot plates, and microwaves should never be left unattended.<span class="Apple-converted-space"> </span>Each year during Campus Fire Safety Month in September, the NFPA provides information to students, families and college administrators to help prevent fires.</p> <p class="p3">Theft of personal property is another common occurrence on campus. The National Center for Education Statistics reported 6,500 burglaries in 2021.<span class="Apple-converted-space"> </span>Students away at school may or may not be covered under their parents’ homeowners’ policies. Even if coverage for their belongings is provided, it may be limited.<span class="Apple-converted-space"> </span>Property regularly located at a residence away from the parents’ is usually capped at 10% of the parents’ personal property limit. A student’s home theater system could easily exceed this amount. Students living in off campus apartments or houses need their own renter’s policy, especially if the lease is in the student’s name.</p> <p class="p3">A renter’s policy provides coverage for damage to the student’s possessions, as well as liability coverage for unintended bodily injury or damage to property of others. This would include limited coverage for accidental damage to the apartment itself. It is important to keep a record of all personal property, such as serial numbers, receipts and pictures. Many students get engaged during college. Depending on the value of the engagement ring, it may or may not be covered under the parents’ homeowners policy.<span class="Apple-converted-space"> </span>Most policies have limits on unscheduled jewelry. Scheduling the ring on the renter’s policy can provide proper coverage if it is lost or damaged.</p> <p class="p3">Automobile exposures also change when a child goes to college. It is estimated that 70% of students own or have access to a vehicle. Those who have their cars at school should notify their insurance carrier – whether they are named on their parents’ policies or have their own. The change of location could affect the premium. Students must take care to follow university and local parking and other motor vehicle regulations. If students are away from home without access to a car, this could reduce the insurance premium. Many companies offer good student discounts.</p> <p class="p3">Health insurance is another area to be aware of. Requirements vary by state, but there is usually an age limit at which the student is no longer eligible for coverage under their parents’ policy, even if they are technically still a resident of the household. In addition, students away at school may be outside of their plan’s service area. There are a number of affordable health insurance programs that cater to college students. Finding out where the infirmary is and how to get help is something all students should do as soon as they get to campus.<span class="Apple-converted-space"> </span></p> <p class="p3">Studying abroad is becoming a more and more popular option at institutions of higher education. There are special insurance policies that provide coverage if the course is cancelled and pay for travel home should the student become ill or injured. Coverage is also available for students who travel abroad during holidays and breaks. Whether at home or away, students should always carry emergency contact information and<span class="Apple-converted-space"> </span>their health insurance coverage card in an accessible place.</p> <p class="p3">College students are asked to share a lot of personal information. Identity theft coverage, which can usually be included on the renter’s policy, helps pay for expenses incurred to repair the credit record when a person’s identity is stolen. Some identity theft policies offer services to do the time-consuming legwork – an important consideration to a student with a full course load. Social security cards and other personal information should be kept in a safe, locked location.</p> <p class="p3">Going away to college is an adventure. Ensuring that students have the proper insurance should not be. Providing practical advice and offering adequate coverage is the mark of the true insurance professional.</p> <p class="p4"><span class="Apple-converted-space"> </span></p> <p class="p5"><em><span class="s1">This article is for educational and discussion purposes only and it is not insurance or legal advice and should not be relied upon when making insurance or legal decisions. Nothing herein shall be construed to constitute a legal or underwriting opinion. Nothing herein shall be construed as offering any political, social, or public policy opinion by the author or MSO. Neither the author nor MSO are responsible for errors in, or the accuracy or currentness of, the article.</span></em></p>The post <a href="https://www.insurance-advocate.com/2024/09/15/safety-and-insurance-tips-for-college-students/">Safety and Insurance Tips for College Students</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Inland Marine Underwriters Association President & CEO Kevin O’Brien Announces Plans to Step Down</title> <link>https://www.insurance-advocate.com/2024/09/15/inland-marine-underwriters-association-president-ceo-kevin-obrien-announces-plans-to-step-down/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Sep 2024 06:31:28 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[September 2024]]></category> <category><![CDATA[In The Associations]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=14943</guid> <description><![CDATA[<p>Kevin O’Brien, President and CEO of the Inland Marine Underwriters Association (IMUA), announced that he will step down from his role on January 31, 2025. During a recent Executive Committee meeting, O’Brien informed IMUA’s officers of his intentions. After 14 years at the helm, he will be pursuing new opportunities outside the organization. IMUA is […]</p> The post <a href="https://www.insurance-advocate.com/2024/09/15/inland-marine-underwriters-association-president-ceo-kevin-obrien-announces-plans-to-step-down/">Inland Marine Underwriters Association President & CEO Kevin O’Brien Announces Plans to Step Down</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">Kevin O’Brien, President and CEO of the Inland Marine Underwriters Association (IMUA), announced that he will step down from his role on January 31, 2025. During a recent Executive Committee meeting, O’Brien informed IMUA’s officers of his intentions. After 14 years at the helm, he will be pursuing new opportunities outside the organization.</p> <p class="p1"> IMUA is an insurance company trade association focused on championing the interests of the inland marine insurance industry and fostering industry professionals’ education and professional development. IMUA serves 54-member insurance companies, 45 associate members, and over 4,000 of their employees.</p> <p class="p1"> Throughout his tenure, O’Brien led numerous initiatives that significantly expanded the association’s influence, enhanced member services, and bolstered its financial stability. Notably, he pioneered the development of all-access remote education and e-learning programs, which have become integral to IMUA’s mission. His exceptional leadership and unwavering commitment have solidified IMUA’s role as a cornerstone of professional development within the industry.</p> <blockquote> <p class="p1"><i>“When I assumed this role, I set out with two primary goals: to establish IMUA as the standard for professional development within the industry and to strengthen the organization’s financial foundation. I’m proud of what we’ve accomplished. Membership is at an all-time high, including adding five national brokers, and our financial position is stronger than ever. The All Access Learning platform offers complimentary remote and virtual education, which has been a resounding success. Attendance at our Annual Meeting, the industry’s premier educational symposium, has more than doubled from 200 to over 400 attendees. As we prepare to launch a new Association Management System (AMS) alongside an integrated Learning Management System (LMS), I’m more optimistic about the association’s future than ever before. It’s been an incredible 14-year journey, and now the time is right for passing the torch,” said O’Brien.</i></p> </blockquote> <p class="p1"><em><span class="s1">IMUA is the national association for the commercial inland marine insurance industry. It serves as the voice of its member companies, representing over 90 percent of all commercial inland marine insurers. The association, founded in 1930, provides its members with comprehensive professional development programs, research papers, bulletins, and industry analysis.</span></em></p>The post <a href="https://www.insurance-advocate.com/2024/09/15/inland-marine-underwriters-association-president-ceo-kevin-obrien-announces-plans-to-step-down/">Inland Marine Underwriters Association President & CEO Kevin O’Brien Announces Plans to Step Down</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>New York Affordable Housing Market About to be “Captivated” by New Enterprise</title> <link>https://www.insurance-advocate.com/2024/09/15/new-york-affordable-housing-market-about-to-be-captivated-by-new-enterprise/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Sep 2024 06:00:17 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[September 2024]]></category> <category><![CDATA[In The News]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=14940</guid> <description><![CDATA[<p>A Vermont-based captive insurer has targeted New York’s affordable rental housing market at a time of that sector’s stress in availability and pricing.. The Milford Street Association Captive Insurance Co. will serve New York affordable rental buildings that have a regulatory agreement limiting rents and receive public financing, exclusively. Affordable housing professionals see rising insurance […]</p> The post <a href="https://www.insurance-advocate.com/2024/09/15/new-york-affordable-housing-market-about-to-be-captivated-by-new-enterprise/">New York Affordable Housing Market About to be “Captivated” by New Enterprise</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">A Vermont-based captive insurer has targeted New York’s affordable rental housing market at a time of that sector’s stress in availability and pricing..</p> <p class="p1">The Milford Street Association Captive Insurance Co. will serve New York affordable rental buildings that have a regulatory agreement limiting rents and receive public financing, exclusively.</p> <p class="p1">Affordable housing professionals see rising insurance costs discouraging new affordable housing and increasing deferred maintenance.</p> <p class="p1">Affordable housing developments with regulatory agreements have higher levels of maintenance and better risk mitigation programs than the market and traditional rent regulated buildings, resulting in more modest claims.</p> <p class="p1">According to Milford, moving from profit to stability, simplifying overhead and operations and instituting tailor-made risk management controls will result in lower liability insurance premiums.</p> <blockquote> <p class="p1"><i>The captive aims to provide both primary (up to $1 million) and excess (up to $5 million above that) coverage. Milford Street says its premiums will be “significantly lower than what is available in the current market.”</i></p> </blockquote> <p class="p1">Insureds will also have to pay will be a one-time per unit returnable capital contribution and a small per unit association fee for startup and administrative costs.</p> <p class="p1">Elliot Kroll, advisor to the first-in-the-nation captive in the sector, stated: “The purpose of an association captive is to provide the most cost-effective insurance solution for those who understand their risks and employ the best risk management practices,” said Kroll.</p> <p class="p1">Kroll and his partner Huhnsik Chung represented Milford in the formatting and realization of the captive. Founding members of the Milford Street Association include Peter Davis, J Cubed Residential; Susan Camerata, Wavecrest Management; John Crotty, J Cubed Residential; Ruben Diaz, former City Councilor and state Assembly member; Nicole Ferreira, nonprofit mortgage lender CPC Mortgage; and John Murphy, private equity investment Murphy & Partners.</p> <p class="p1"> John Crotty of the Work Force Housing Group and a founding member of Milford Street told Insurance Advocate that the creation of Milford was a necessity for the survival of the business segment.</p> <p class="p1"> While domiciled in Vermont and regulated by that state, the program has been reviewed by the New York State Department of Financial Services (DFS).</p> <p class="p1">The announcement of the new captive insurer followed New York DFS regulators’ guidance to insurers regarding affordable housing properties. Under the guidance, commercial insurers are prohibited from inquiring about or making coverage decisions based on a property’s status as an affordable housing development or a tenant’s source of income. The guidance is in a circular letter that implements a new law signed by Governor Kathy Hochul. In November 2022, DFS and the state housing agency, Homes and Community Renewal (HCR), published a report concerning property/casualty insurance for buildings with affordable or subsidized housing units. Developers reported significant premium increases or difficulty obtaining policies for affordable housing projects.</p> <p class="p1"> Milford appears to have an answer.</p>The post <a href="https://www.insurance-advocate.com/2024/09/15/new-york-affordable-housing-market-about-to-be-captivated-by-new-enterprise/">New York Affordable Housing Market About to be “Captivated” by New Enterprise</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>London-Based Insuramore Measures Insurers by Cyber Insurance Direct Premiums Written</title> <link>https://www.insurance-advocate.com/2024/09/15/london-based-insuramore-measures-insurers-by-cyber-insurance-direct-premiums-written/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Sep 2024 05:30:30 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[September 2024]]></category> <category><![CDATA[Cyber News]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=14937</guid> <description><![CDATA[<p>As an extension of its rankings of insurance providers worldwide, and based in part on guidance from some of the largest underwriters in the sector, Insuramore has updated its global ranking of insurer (carrier) groups as measured by cyber insurance gross direct premiums written (GDPW) in 2023 (see www.insuramore.com/rankings/insurers/premiums-cyber). This analysis indicates that GDPW for cyber insurance can be […]</p> The post <a href="https://www.insurance-advocate.com/2024/09/15/london-based-insuramore-measures-insurers-by-cyber-insurance-direct-premiums-written/">London-Based Insuramore Measures Insurers by Cyber Insurance Direct Premiums Written</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">As an extension of its rankings of insurance providers worldwide, and based in part on guidance from some of the largest underwriters in the sector, <b>Insuramore</b> has updated its global ranking of insurer (carrier) groups as measured by cyber insurance gross direct premiums written (GDPW) in 2023 (see www.insuramore.com/rankings/insurers/premiums-cyber).</p> <p class="p1"> This analysis indicates that GDPW for cyber insurance can be estimated globally at just over USD 15.7 billion in 2023 rising to more than USD 16 billion if captive insurers are also included, and with the US continuing to account for over a half of the total once underwriters operating in Bermuda and at Lloyd’s of London are added to those based in the US itself.</p> <blockquote> <p class="p1"><i>With regard to the competitive structure of the market, it shows that the top 20 groups for this class are likely to have accounted for 64.9% of premiums worldwide and the top 50 for 89.6%, down from a respective 70.3% and 92.3% in 2022. Beazley is likely to have been the global market leader with over USD 1 billion in GDPW and was followed in descending order by Chubb, Munich Re, AXA and Fairfax Financial Holdings.</i></p> </blockquote> <p class="p1">Overall, the research established that close to 300 insurer groups were underwriting cyber risks on a direct basis by the end of 2023. This signifies a mean (average) GDPW per group of USD 53 million but a median of just USD 3.3 million which shows the degree to which there is a very long tail of insurers with small books of cyber insurance activity. Furthermore, Insuramore has also identified over 400 individual MGA, MGU and cover-holder enterprises (a.k.a. underwriting agencies) around the world writing cyber insurance on a delegated underwriting authority basis including several (such as At-Bay, CFC Group and Coalition) making partial use of their own underwriting vehicles.</p> <p class="p1"> Looking ahead, the trend towards fragmentation implied by the preceding comparison of the global market share of the top 20 and top 50 groups in 2022 and 2023 is likely to continue in 2024 as cyber business expands more rapidly outside of the US, where premium rates have tended to decline in recent months. On the other hand, modelling a reliable future trajectory for the value of cyber insurance worldwide remains problematic due to the multiple factors impacting the sector. These include, for example, the global outage incident which occurred on 19th July 2024, the implications of which will become clearer in the coming months.</p>The post <a href="https://www.insurance-advocate.com/2024/09/15/london-based-insuramore-measures-insurers-by-cyber-insurance-direct-premiums-written/">London-Based Insuramore Measures Insurers by Cyber Insurance Direct Premiums Written</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Florida’s Insurance Commissioner Highlights Strengthening Property Insurance Market</title> <link>https://www.insurance-advocate.com/2024/09/15/floridas-insurance-commissioner-highlights-strengthening-property-insurance-market/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Sep 2024 05:00:38 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[September 2024]]></category> <category><![CDATA[Feature]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=14934</guid> <description><![CDATA[<p>Progressive commits to investing in Florida, joining State Farm and several national carriers, and nine new domestic property insurers following 2023 reforms υJust four days after Hurricane Debby made landfall along the Big Bend, Florida’s Insurance Commissioner Michael Yaworsky announced several positive developments related to the state’s strengthening property insurance market. The news follows announcements […]</p> The post <a href="https://www.insurance-advocate.com/2024/09/15/floridas-insurance-commissioner-highlights-strengthening-property-insurance-market/">Florida’s Insurance Commissioner Highlights Strengthening Property Insurance Market</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<h3 class="p1">Progressive commits to investing in Florida, joining State Farm and several national carriers, and nine new domestic property insurers following 2023 reforms</h3> <p class="p1"><span class="s1">υ</span>Just four days after Hurricane Debby made landfall along the Big Bend, Florida’s Insurance Commissioner Michael Yaworsky announced several positive developments related to the state’s strengthening property insurance market. The news follows announcements by State Farm and the most recent approval of the a ninth new property insurer, Trident Reciprocal Exchange, since the state’s 2023 landmark reforms.</p> <p class="p1">In addition to new Florida-based market entrants, national carriers continue to expand their business in Florida’s market despite reducing company operations elsewhere. This week, following a meeting between Commissioner Yaworsky and Progressive Insurance executives, Progressive reinforced their commitment to investing in Florida’s market.</p> <p class="p1">“Today’s announcements are a further indication of the continued strengthening of Florida’s property insurance market,” said Insurance Commissioner Michael Yaworsky. “OIR will continue to work with Florida-based and national carriers, like Progressive, to recruit and retain business so that all Floridians may benefit from a strong market.”</p> <p class="p1">Florida’s strengthening market is reinforced in recent rate filings, increased participation in the Citizens Property Insurance Corporation (Citizens) Depopulation Program, reduced reinsurance costs, and more carriers announcing their commitment to Florida’s insurance market.</p> <p class="p1">Florida’s property insurance market is improving:</p> <ul> <li class="p2">Rate Filings: The 180-day average request for homeowners’ rates as of August 1, 2024 is 1.2%. Twelve companies have filed a rate decrease to take effect in 2024 and 24 companies have filed a zero percent increase, covering 1.8 million policies in Florida. The current 30-day average rate request for homeowners’ rates is 0.5%. One year ago, the 30-day average rate request was 7.6%.</li> <li class="p2">Market Snapshot: As of Q1 2024, there are approximately 7.43 million residential insurance policies in force in the Florida property insurance market. 83% of those policies are written by admitted property insurers, as opposed to Surplus Lines companies or Citizens Property Insurance Corporation.</li> <li class="p2">Reinsurance: OIR conducts the Annual Reinsurance Data Call (ARDC) to assess insurers’ financial viability in covering catastrophic losses with respect to their catastrophic reinsurance programs. Preliminary results from the 2024 ARDC indicate that the risk-adjusted change in reinsurance cost decreased on average -1.7% from 2023, which is the first decrease in years.</li> <li class="p2">Citizens Property Insurance Depopulation Program: OIR is seeing greater participation and interest in the Citizens Depopulation program. OIR has approved insurers to assume 768,692 policies from Citizens in 2024, an 858% increase since 2022. To date, 132,445 policies have been removed from Citizens and Citizens’ exposure has reduced $64,852,563,061. More information on how to participate in the takeout process and latest takeout approvals is available on OIR’s website here.</li> </ul> <p class="p4"><span class="s2"><em>OIR is a national leader in identifying market trends because it collects more data about its insurance market than any other state or regulatory entity. Using data reported by insurers, OIR has created the Florida Property Insurance Market Stats, Data and Facts page to provide the latest information and facts on Florida’s property insurance market.</em> </span></p>The post <a href="https://www.insurance-advocate.com/2024/09/15/floridas-insurance-commissioner-highlights-strengthening-property-insurance-market/">Florida’s Insurance Commissioner Highlights Strengthening Property Insurance Market</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> </channel> </rss>