Cover Story

2023/ April

NAIC TARGETS “NEW NORMAL” Regulators outline accomplishments in Report to the industry

Insurance Advocate Cover Story April 16, 2023

NAIC RELEASES 2022 ANNUAL REPORT
National Association of Insurance Commissioners (NAIC) presented its 2022 Annual Report. “Conquering the New Normal Together,” to share how the NAIC successfully overcame pandemic-era challenges to further its state-based agenda. According to the report, in 2022 the NAIC enhanced connectivity among its staff and Members, leaned forward on emerging issues, accelerated investments in technology, and rallied its internal team. The NAIC achieved all of this while helping Members protect consumers and remain solvent. The report details accomplishments in these areas. Excerpts follow.

2023/ March

U.S. Gig Economy study

Insurance Advocate Cover Story March 26, 2023

Gig Workers’ independent mindset opposes corporate team-think, adds to the growing cache of research from Legal & General on the U.S. Gig Economy, looking into questions such as: • Implications of 1 in 5 gig workers saying they could not work in a corporate setting • Why bills such as those in CA and NYS are likely to […]

2023/ February

A Look at Risk Tolerance

Insurance Advocate Cover Story February 27, 2023

U.S. Insurers Expected to Increase Investment Risk Tolerance Amid Concerns of Higher Volatility and Inflation | A Conning Survey
US insurers are expected to increase their risk tolerance and grow portfolio allocations to private assets amid their concerns about higher market volatility and inflation, according to a new survey of U.S. life and property & casualty (P&C) insurers, sponsored by leading global insurance asset management firm Conning.

2023/ January

Defenses to the Tort of Bad Faith

Barry Zalma Cover Story, On My Radar January 31, 2023

Insurers in states where the tort of bad faith exists (almost every state) who deny fraudulent insurance claims with fear and trembling. The specter of punitive damages has worked to make multi-millionaires of many insurance criminals who convince insurers to settle rather than take a chance on a trial of a suit alleging the insurer acted in bad faith.

2022/ December

IFNY 2022 Free Enterprise Award to Rod Fox

Insurance Advocate Cover Story December 20, 2022

The Insurance Federation of New York (IFNY) recently hosted its annual luncheon honoring Rod Fox, an insurance veteran and executive with over 35 years of experience in the industry. The event was well-attended by members of the insurance community, who showed their appreciation for Fox’s accomplishments and celebrated his commitment to the industry. Industry leaders and experts praised Fox for his leadership and dedication to the field, citing his tireless efforts to modernize and innovate the insurance industry.

2022/ November 20

The ABCs of NFTs

Guest Author Cover Story November 20, 2022

With the advent of blockchain technology, collecting, in the form of non-fungible tokens (or NFTs), has taken on a whole new look. NFTs can be confusing, and as with many transactions, there are risks. First and foremost, NFTs are intangible or nonfungible items, and are not insurable under standard personal or commercial insurance policies, as with NFTs there would be no direct physical loss to tangible property. This represents a challenge to insurers as they attempt to address the insurance exposures and potential losses related to the growing universe of NFTs.

October 25

Five Things that May Surprise You About ShelterPoint In Honor of Their 50th Anniversary

Insurance Advocate Cover Story October 25, 2022

Time flies when you are having fun, and that is certainly what has been happening over at ShelterPoint Life Insurance Company, which is celebrating its 50th anniversary this year! We talked with ShelterPoint, and they gave us a peek behind the curtain as they shared stories and information about their people, culture and company over the years – and their 50th-anniversary celebration!
Here are the top 5 things you may not have known about ShelterPoint.

October 10

New York’s John Costello elected to Chairmanship of BIG “I” for 2022-23

Insurance Advocate Cover Story October 10, 2022

The Independent Insurance Agents & Brokers of America (the Big “I”) installed New York’s John Costello, vice president and construction practice member at USI Insurance Services in Rochester, as 2022-23 Big “I” chairman at the recent Big “I” Fall Leadership Conference in Niagara Falls, New York.

2022/ September 21

Independent Agents’ Market Share Highlights: 2022 United States P&C Marketplace

Insurance Advocate Cover Story September 21, 2022

Members and partners of the Independent Insurance Agents & Brokers of America (The Big “I”) receive the annual Market Share Report free as a member or partner benefit. Information contained in this report is based on data through 2021.

This report graphically and numerically presents the United States property and casualty (P&C) insurance industry data from the independent agent’s perspective. We present key insights and charts from the report.

September 10

55% of Organizations Have Cyber Coverage

Insurance Advocate Cover Story September 10, 2022

A new report has hit the cyber cover situation head on revealing that: just 55% of organizations currently have cyber insurance, and of those, most policies have limits far lower than the cost of the average attack.