Description

Session I

Is New Jersey heading toward a hard insurance market? 

New Jersey may be trending from a soft market where competition is high and premiums are stable, to a hard market where the demand for coverage outpaces availability and premiums increase. This isn’t good for consumers or insurers. The residual effects of Covid-19 and rising inflation are having an impact on New Jersey’s insurance market. Commercial and personal lines, especially auto and homeowners, are reflecting numerous trends, including: a return to pre-Covid driving volume and a sustained increase in the severity of claims; limited access to building materials and auto parts, coupled with an increase in labor costs; skyrocketing used car prices and limited inventory; and a surge of cyber threats. Add to all of that the “freeze” on rate increase across the country as a means to assist policyholders during the era of Covid and the way is paved toward a hard market. 

Please join our panel of experts to discuss what are the national trends, how is New Jersey doing in comparison and what may it mean for consumers.

Meet the Panelists:

Session II

Legal & Legislative Update 

The ICNJ continues to engage in the Courts and at the Legislature. This briefing will summarize key bills that aim to disrupt the auto insurance market and provide an overview of litigation addressing issues such as: arbitration as an efficient dispute resolution; whether commercial business interruption coverage applies when there’s no “physical loss of or damage to” property as a result of Covid-19; and how are judges responding to causes of action alleging “bad faith” as a result of the new law, the Insurance Fair Conduct Act. (Cases being discussed: Crystal Point Condominium Assoc. v. Kinsale Insurance and Capri v. Zurich)

Meet the Panelists:

REGISTRATION IS AVAILABLE AT THE DOOR OF THE EVENT.