Happy Wednesday! We are closing in on the start of March, and that means spring is on its way (eventually). In this week’s Big I Buzz, we are discussing the uninsured rate among young adults, the top risks facing the technology sector in 2021 and the best retirement spots for insurance pros, according to Property Casualty 360.

 

Uninsured Rate Among Young Adults Has Plummeted in the Last Decade, Report Finds

A Medicaid expansion is largely to thanks for the number of young adults without health insurance plummeting between 2011 and 2018. According to Inquirer, its not unusual for young adults to historically have high uninsured rates because they’re less likely to have full-time jobs that offer insurance and can’t afford a plan on their own. Healthy young adults might not see the value in purchasing insurance if they don’t use medical services frequently. “But between 2011 and 2018, the uninsured rate among adults age 19 and 25 fell by nearly half - from 30% to 16% - as many gained coverage under Medicaid or through the ACA marketplaces, with help from income-based tax credits, according to the Urban Institute report. The ACA also made more young eligible adults stay on their parents’ insurance by raising the age to 26, though that’s no help if the parents are among the pandemic unemployed. You can read more about this report here.    

The Top Risks Facing the Technology Sector in 2021

Willis Towers Watson has released a new report warning that the move towards economic nationalism is causing “increasing concern” to the technology sector and may result in lasting impacts on supply chains and IP. According to the report, these are the top risks to the technology sector in 2021: 

• Political aftershocks of COVID-19
• Political uses and abuses of technology
• European Union tech regulation
• Economic nationalism

Willis Towers Watson’s U.S. political risk product leader of financial solution, Laura Burns, said, “The technology sector will continue to develop and adapt, but its ability to work in a volatile business environment is critical.” Read more about the report here.    

12 Best States for Insurance Pros to Retire to in 2021

Approximately 400,000 insurance-industry employees are expected to retire from the workforce within the next few years, according to the U.S. Bureau of Labor Statistics. Unfortunately, due to the effects of the pandemic, 1 in 4 people expect to retire later than they anticipated. Affordability is a top concern for people when they retire, and some states are more affordable than others. For example, Hawaii’s cost of living index for retirees is 2.3 times higher than it is in Mississippi. 

WalletHub compared the 50 states across the key dimensions of affordability, quality of life and health care, evaluating those dimensions using 45 relevant metrics. We're partial to the fishing spots, golf courses and cheese we have here in Wisconsin, but here’s the top 12 states WalletHub suggests: 

• Missouri
• Wyoming
• New Hampshire
• Minnesota
• Utah
• Idaho
• Montana
• North Dakota
• Virginia
• Delaware
• Colorado
• Florida

You can see the full list from WalletHub here. 

For more news, check out the Action news section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list. Don’t forget you can stay up-to-date on other industry news as its happening on our Online Community. You can join the Online Community (exclusive to IIAW members) here. We hope that everyone has a great rest of their week.