The IFNY Luncheon, held November 8 at Ciprianis, included some salient thoughts on insurers, insurance, and New York State from Partnership for New York president Kathryn Wylde. This dedicated woman campaigns for New York better than most politicians. She is coherent and clearly not self-serving. We excerpt:

With eight consecutive quarters of growth behind us, the city has fully recovered from the devastating effects of 9/11, thanks in no small part to almost $30 billion that has been paid out by the insurance industry. In 2005, New Yorks economy reached a record high $467.7 billion gross city product. If Metropolitan New York were a country, we would be the 10th largest economy in the world – ahead of India and just behind Canada.

Financial services, including insurance, is by far our most important industry, responsible for fully a quarter of the economic output of the city, and more than half the growth in the local economy over the past 15 years. Today there are about 459,000 financial services jobs in the city. Insurance carriers and related services account for 57,600 of these jobs, representing 1.5 percent of the private sector work force, but over three percent of city gross income " totaling $6.4 billion in wages in 2005. Your industry also contributes two percent of the citys personal income tax revenues.

Within the insurance sector, employment has grown 1.2 percent in the past year. The average wage of insurance and related services has grown 17 percent since 2001, or about four percent per year.

The insurance industry also plays a role in the vitality of many other industries that are contributing to the citys economic wellbeing, including real estate, construction, and travel and tourism, and health care.

With the support of your industry, the real estate and construction markets that were seriously at risk after 9/11 are now booming. The average commercial asking rent for Class A office space is $70.30 per square foot in Midtown, and $44.64 in Lower Manhattan.

There are challenges ahead for New York – challenges that require innovative solutions that the insurance industry is well positioned to provide. I think there is a growing alignment between the economic and policy issues that are important to New York City and your industry interests. An obvious case is the extension of the Terrorism Risk Insurance Act. TRIA has made the recovery of the Manhattan real estate industry possible, and is a priority in Mayor Michael R. Bloombergs Washington agenda.

There are many other areas where your industry has the expertise and infrastructure necessary to make a major contribution to the city, and, at the same time, benefit from the support of its business and political leadership.

Speaking of Running

John W. Bailey, CIC, of Dryden, N.Y., and executive vice president of George B. Bailey Agency Inc. completed the New York City Marathon and raised more than $28,500 " through donations from more than 1,000 clients and friends " for Disabled American Veterans, an organization that serves disabled veterans and their families. My rights to speak freely, to live in peace, and to enjoy my freedom, come from others who are willing to defend those rights on my behalf, said Bailey. Participating in the New York City Marathon gave me the opportunity to give something back to those who have served in Americas armed forces and in doing so became disabled.

The PIANY past president finished the marathon in 4:28, and was the 20,956 person to complete the marathon. The New York City marathon included 38,000 participants, but he came in first for the vets. Bravo, John.