General Business

On Feb 10, 2025

By Christine O’Brien, President, ICNJ

The mission of the ICNJ is to create a positive understanding of the property and casualty insurance industry and to promote a pro-business/pro-policyholder environment.

At the Insurance Council of New Jersey (ICNJ), there is a long-standing history of shaping public policy and working with numerous business partners to protect consumers and keep insurance affordable and available. Insurance is an important sector of the economy as it helps individuals and businesses to manage financial risk more effectively.

The ICNJ is the premier state-level association that represents licensed property and casualty insurance companies doing business in the state. The lines of insurance offered by our members include personal and commercial auto, homeowners, workers compensation and commercial general liability. These insurers are highly regulated by the NJ Department of Banking and Insurance and represent a portion of the entire state insurance industry that employs over 87,000 people. 

The mission of our organization is to create a positive understanding of the property and casualty insurance industry and to promote a pro-business/pro-policyholder environment through advocacy, education and communication with the state’s public officials, consumers and the media. 

Our advocacy and success, however, do not happen in a vacuum. The ICNJ depends on coalescing with industry partners and various business organizations to foster a robust insurance market and general business climate. This includes a symbiotic relationship with the ICNJ’s wide spectrum of associate members that represent insurance agents, claims management companies, adjusters, appraisers, investigators, data analytics, insurance product development, and defense counsel. 

As expenses continue to rise for businesses, property and casualty insurers are mindful of how premiums impact the bottom line. That is why we work with various organizations in Trenton at the State House to ensure that our customers can continue to afford to succeed in New Jersey.

From revamping the auto insurance market over 20 years ago to address skyrocketing premiums and prevent carriers from leaving New Jersey, to creating a way for drivers to be insured and protected when working for transportation network companies such as Uber and Lyft, to preserving the managed care workers’ compensation system that benefits employers and injured workers, the ICNJ has been at the forefront of numerous coalitions geared toward keeping insurance affordable.

Unfortunately, regardless of our united efforts, there have been recent laws enacted that will impact insurance premiums. Two in particular include the increase in the minimum liability limits now required for both personal and commercial auto, and an increase in attorneys’ fees in workers’ compensation cases. These laws magnify the need for the ICNJ to nurture partnerships with the business community so together we can educate public officials on the financial consequences that burdensome laws impart on commercial entities and consumers.

Visit www.icnj.org to learn more about the Insurance Council of New Jersey. We welcome the opportunity to work with the business community to make property and casualty insurance affordable and available to everyone. 

To access more business news, visit NJB News Now.

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