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Insurance plays a vital role in the daily lives of New York families and businesses, driving innovation, fostering growth, and providing economic security. The system functions best when consumers can easily access affordable, adequate property and casualty coverage. Today, the market is facing a series of ongoing challenges—some within our control, others less so—that are hindering New Yorkers' ability to adequately protect themselves from risk and loss.
This event brings together industry leaders, policymakers, and individuals directly impacted by the current market conditions to explore the causes and consequences of these challenges and chart a path for stability and access for all.
Attend the Event
Hilton Albany
40 Lodge St
Albany, NY 12207
February 4, 2025
8:30 AM - 12:30 PM
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Agenda
Times are subject to change.
Current State of the Insurance Market
Let’s level-set with P&C insurance basics, a 30,000’ look at the insurance ecosystem, and a deeper exploration into insurance market cycles and the “hard market”.
Let’s level-set with P&C insurance basics, a 30,000’ look at the insurance ecosystem, and a deeper exploration into insurance market cycles and the “hard market”.
What is Causing this Market?
The Property and Casualty insurance market is experiencing an unprecedented hard market that is more severe and potentially longer lasting than the typical three-year market cycle. We will hear in-depth perspectives from industry leaders on the root causes of these challenging market conditions.
The Property and Casualty insurance market is experiencing an unprecedented hard market that is more severe and potentially longer lasting than the typical three-year market cycle. We will hear in-depth perspectives from industry leaders on the root causes of these challenging market conditions.
Part 1: Global Challenges
Economic and social inflation, convective storms, and reinsurance are major cost drivers in this market impacting both personal and commercial line companies.
Economic and social inflation, convective storms, and reinsurance are major cost drivers in this market impacting both personal and commercial line companies.
Hank Watkins
Executive Director and Associate DeanSt. John’s University Maurice R. Greenberg School of Risk Management, Insurance and Actuarial Science
Part 2: Fraudemic
What is the Insurance Fraudemic and its negative effects on both insurers and the policyholders they serve?
What is the Insurance Fraudemic and its negative effects on both insurers and the policyholders they serve?
Tom Stebbins
Executive DirectorThe Lawsuit Reform Alliance of New York
Part 3: NY Legislative & Regulatory Environment
How does the regulatory-industry partnership keep New York on the right path?
How does the regulatory-industry partnership keep New York on the right path?
Effect of the Current Marketplace
In a hard market, premiums increase, accessibly decreases, and competition wains. Soft markets are generally the inverse. What does the data and customer experience tell us about the current environment and the challenges that lie ahead regardless of market cycle?
In a hard market, premiums increase, accessibly decreases, and competition wains. Soft markets are generally the inverse. What does the data and customer experience tell us about the current environment and the challenges that lie ahead regardless of market cycle?
Lisa K. Lounsbury
President & CEOBig I New York (moderator)
Janet Pane
Chief Executive Officer & Executive DirectorExcess Line Association of New York
Fireside Chat
Ralph Ortega
Editor in ChiefCity & State
Adrienne A. Harris
SuperintendentNew York State Department of Financial Services
Where Do We Go From Here?
As the 2025 legislative session gets underway, this final panel will explore legislative solutions to tackle insurance marketplace challenge.
As the 2025 legislative session gets underway, this final panel will explore legislative solutions to tackle insurance marketplace challenge.
Assembly Member David Weprin
ChairInsurance Committee
Assembly Member Pam Hunter
PresidentNational Conference of Insurance Legislators