News & Notes

PA WORKERS’ COMP UPDATES

Effective April 1, 2024, new and renewal policies will be subject to an overall average change of -7.88%.

IA&B staff attended an annual meeting with the PCRB, where we received an overview of the data used to support the loss cost filings. As in prior years, the increases in severity were more than offset by a continuing decline in frequency.

Immediately following the Insurance Commissioner’s approval of the revised loss costs and related values as filed, the Pennsylvania Compensation Rating Bureau began producing new experience mods and worksheets. The mods will start incorporating the substantive changes made to the experience rating plan, also effective on April 1, 2024.

As a reminder, the changes to the experience rating plan reflect the first comprehensive overhaul in more than 25 years, designed to complement the new Experience Rating Plan and newly designed Experience Modification Calculator.

Read more: IABforME.com/2024/01/24/prepare-now-for-experience-rating-methodology-changes/

INSURANCE EDUCATION SCHOLARSHIP RECIPIENTS

IA&B is pleased to announce the recipients of our winter 2024 insurance education scholarships. These include 11 member agencies from Pennsylvania, Maryland, and Delaware, as well as two aspiring agents from member agencies.

CIC Course Scholarships

Avery W. Hall Insurance Agency Salisbury, MD

Barnes-Bolinger Insurance Services Westminster, MD

Hamilton Insurance AgencyEdinboro, PA

Marvel Agency Jenkintown, PA

Strickler Agency Chambersburg, PA

William Penn Insurance York, PA

CISR Course Scholarship

Lehman Insurance Agency Ephrata, PA

CE Webinar Scholarships

The Jacobs Company Columbia, MD

Liberty Insurance Agency Pittsburgh, PA

Rossbacher Insurance Services Corry, PA

The Insurance MarketLaurel, DE

Licensing Study Course Scholarships

Ashlynn Miller, Howard Hanna Insurance Services Pittsburgh, PA

Luca Mattei, Troast-Singley Insurance Agency Philadelphia, PA

IA&B introduced the insurance education scholarship program in late 2018 to support the future of the independent agency system. The scholarship program aims to develop new talent and support existing agency staff through insurance education. Each year, IA&B awards about $10,000 in scholarships to individuals and member agencies toward designation, continuing education, and licensing study courses.

The next round of scholarships will be awarded in September 2024. These will include scholarships for member agencies to register one employee for a CIC course, CISR course, or CE webinar, as well as individual scholarships for licensing study courses and full designations. The designation scholarships will be awarded to two individuals –one to obtain the CIC designation and another to obtain the CISR designation. Applications will be available in May.

Learn more: IABforME.online/scholarships

WOMEN’S CONFERENCE SPONSORS

IA&B held its second annual Women’s Conference on March 27 in Hershey, PA. The event brought together over 150 insurance professionals from across Pennsylvania, Maryland, and Delaware. We offer our sincere thanks to the generous sponsors who made this event possible.

Ascension

Donegal Insurance Group

EMC Insurance

Iroquois

Keystone

Liberty Mutual | Safeco Insurance | State Auto

Millers Mutual

Penn National Insurance

Progressive

Travelers

Watch for an event recap and photos in the May Primary Agent magazine.