For this Advisory Report, AAIS spoke with Ellen Melchionni, President of the New York Insurance Association (NYIA) ahead of the NYIA 2023 Annual Conference. She discussed what makes the New York insurance market unique, how NYIA is currently supporting members, and what to look forward to at this year’s Annual Conference.

Differences in the New York Insurance Market

Melchionni believes the New York insurance market is different from the rest of the U.S. market in a couple of ways. “Many people don't think that New York has a big coastal area, but we do with New York City and Long Island,” she stated. “Unlike other states, we are fortunate to have a relatively robust and stable homeowners market. We also have plenty of carriers that are riding auto in New York.” While that keeps the market competitive, Melchionni explained that there are some significant challenges with certain lines in New York that result in carriers needing to manage their exposure a little bit differently. “We've got the impact of inflationary costs and an increase in the billing volume with auto insurance,” she said. But according to Melchionni, the New York regulatory environment is one of the most challenging differences compared to many other states. “New York regulators are very diligent and forthright about the amount of time it takes for them to approve any new products and they're facing some staffing challenges right now,” she revealed. “So, it can take a little bit longer to get new products or form filings to get approved by our department, which can be challenging for those trying to navigate the New York Market.”

How NYIA Supports Its Members

NYIA proudly supports its members in a variety of ways. “We put out timely emails, communications, and publications and we host bi-weekly conference calls for our members, whether they are legislative developments or regulatory developments with our Department of Financial Services,” said Melchionni. “Keeping [our members] informed and providing them with opportunities to weigh in on critical issues is beneficial to them. The association gets not only the benefit of their expertise so that we can better advocate on their behalf, but they always feel that they have a seat at the table with NYIA.”

NYIA 2023 Annual Conference

Melchionni is excited about this year’s NYIA Annual Conference, taking place in Buffalo, NY on May 31- June 2. “We consider our conference the premier New York event for property-casualty carriers,” she declared. “We have CEO panel discussions and a reinsurance forecasts panel presentation on ESG planned as well as the ever-popular regional roundtable for members to have an opportunity to discuss with their peers.” Melchionni announced that the New York Department of Financial Services superintendent, Adrienne Harris, will be attending this year’s conference and the commissioner of DMV will be a special guest speaker.

Registration is now open for the NYIA 2023 Annual Conference on May 31-June 2. Click here to register online.