Insurance: A Foundation of Stability for New Yorkers
New York is a state known for its resilience. From navigating the city’s bustling streets to weathering economic storms, New Yorkers exhibit a unique grit and determination. But even the toughest among us need assurance, the confidence that they are protected during challenging times. That assurance comes, in large part, from property and casualty insurance – covering everything from your car and home to your business. Insurance empowers people and businesses to take calculated risks, knowing that they have a safety net.
In an increasingly unpredictable world, insurance provides a vital force for stability, ensuring that unexpected events don’t become crises. Insurance companies are designed to be there when it matters most. In 2023 alone, insurers paid out nearly $40 billion in claims in New York, enabling individuals and families to recover after setbacks and pursue their goals without fear of financial ruin.
Insurance companies play a crucial role in combating fraud and supporting the broader community. Insurers actively partner with law enforcement to combat insurance fraud, which strains resources and ultimately increases costs for all New Yorkers. They also support various community initiatives and contribute significantly to the public infrastructure of the state. These contributions provide immediate assistance and create long-term economic and social benefits that strengthen communities throughout New York.
In addition to their role in community support, insurance companies significantly contribute to the public infrastructure and finances that sustain our neighborhoods. Insurers invest heavily in state and local municipal bonds that fund essential public projects, including the construction of roads and schools. They also provide billions of dollars annually in taxes, assessments, and fees. Furthermore, the industry supports financial literacy and workforce development through programs designed to create opportunities and break down financial barriers.
Insurance and Business Growth
For local businesses, insurance promotes sustainable growth and innovation. Whether launching a new technology startup or expanding a family-owned enterprise, entrepreneurs take risks to address society’s most pressing challenges, and insurance allows them to do so with confidence. The right coverage allows business owners to scale their operations, hire more employees, launch new products and maximize their own economic and charitable impact. In 2023, commercial insurance claims totaling $6 billion helped businesses stay open, and liability insurance provides a critical safety net, especially in a state known for its litigation.
As industries evolve, insurance carriers push the boundaries of innovation and advocate for public policy that supports modernization. They focus on smart government policies that streamline processes, reduce costs, and improve outcomes for consumers. Insurers are adapting to the changing needs of society by supporting regulatory changes that increase digital accessibility, simplify paperwork, and promote transparency.
Looking Ahead
Insurance ensures that individuals, businesses, and communities are prepared and protected for whatever the future holds. It provides the peace of mind for people to pursue their dreams, empowers businesses to take calculated risks, and strengthens communities through strategic investments. In a world defined by uncertainty, insurance remains a steadfast force, proving its value by helping people to recover, rebuild, and move forward.
Cassandra Anderson is president at the New York Insurance Association, the country’s oldest state insurance trade organization that has served the property and casualty insurance industry for more than 140 years.
