NYC Insurance & Benefits Trends

Goals

Gain an understanding of insurance and benefits trends impacting NYC and New Jersey, including market trends, insurance needs, challenges, pain points, and types of insurance coverage needed, to inform the strategy of an insurance and benefits broker in the region.

Early Findings


While there was limited data available specific to New York City, we instead found the following data relative to insurance and benefit trends in the state of New York:
  • In 2019, significant regulations that impacted the insurance sector included a bill regulating pharmacy benefit managers, as well as the Child Victims Act having significant impact on the insurance industry.
  • The category with the most insurance premiums in New York was life/annuity insurance companies, totaling $79.7 billion in 2017.
  • Property and casualty insurance companies had insurance premiums totaling $46.3 billion in the same year.
  • Efforts to successfully codify provisions of the Affordable Care Act, and make meeting regulations around this simpler for insurance providers were completed in 2019.
  • While New York has been a leader in implementing the Affordable Care Act, non-citizens still have high uninsured rates, at nearly five times more likely to be uninsured than citizens.
  • New York also relies more heavily on medicaid than the majority of other states, and less on private health insurance.







Proposed next steps:

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