Happy Wednesday! In this week's Big I Buzz, we are discussing an upcoming opportunity to earn a FREE Wisconsin CE credit, the struggle to make pandemics insurable and rising gas prices in Wisconsin.

How-To: Earn a FREE Wisconsin CE credit

Join the IIAW at 10 a.m. on Thursday, June 17th for our upcoming Agency Leadership Webinar. This webinar will cover the 2020 WI Property and Casualty Marketplace Summary. Our featured speaker, Paul A. Buse, Principal at Real Insurance Solutions Consulting will give a deep-dive into the insurer industry data for the state of WI from an independent agent's point-of-view. In addition to receiving great information from Paul during the webinar, the class also qualifies for one WI CE Credit. All webinars within our Agency Leadership Webinar Series are free for IIAW members, meaning you'll receive a FREE CE credit for attending! Click here to register for the upcoming webinar.

Behind the Struggle to Make Pandemics Insurable

According to a Reuters report, COVID-19 caused more than $100 billion losses which is leading many insurers to move to strike pandemic coverage from all new business policies. "The Reuters report noted, that while a firm project's risks are contained over a finite amount of time, industries like airlines have much higher potential losses which could prove more difficult to insure. This has led many insurers sayin that extensive cover will only be possible if governments provide backstops." The process of developing a plan where commercial insurers would be backed by government reinsurance programs moves slowly. Learn more about the struggle to make pandemics insurable here. 

Gas Prices Rising in Wisconsin, But Not Because of Pipeline Cyberattack

Things are opening back up throughout Wisconsin and more people are traveling. However, with more movement across the state, gas prices are rising. According to GasBuddy.com, "The average price of a gallon of gas in Wisconsin now stands at $2.84, which is up more than 4 cents from last week and 11 cents since last month." Experts had expected a rise in gas prices this spring, as more people are planning to travel this year after being vaccinated. TMJ4 a Milwaukee news outlet stated, "Gas prices in Milwaukee area are on the rise, a trend analysts blame on the cyberattack that shut down the Colonial Pipeline late last week." Milwaukee gas prices are averaging $2.84 a gallon on Monday. Compared to other nearby cities: 

• Rockford, IL: $3.11/g up 1.9 cents per gallon from last week's $3.09/g

• Madison, WI: $2.77/g, up 3.6 cents per gallon from last week's $2.73/g

• Chicago, IL: $3.31/g, up 1.1 cents per gallon from last week's $3.29/g

Compared to the same time last year, Wisconsin gas prices are up 11.4 cents higher than last month and $1.17/g higher than this time last year. Patrick De Haan, head of petroleum analysis from Gas Buddy stated, "While average gas prices jumped last week as the nation continues to see COVID-19 recovery, all eyes are now on the Colonial Pipeline and the fact a cyberattack has completely shut all lines, leading to what could become a major challenge for fuel delivery. The situation is growing more intense each day that passes without the pipeline restarting, and motorists are advised to show extreme restraint or exacerbate and prolong the challenges. If the pipeline returns to service in the next day or two, the challenges will be minimal, but if full restart doesn't happen by then, we're likely to see a slight rise in gas prices, but more importantly, challenges for motorists needing fuel in Georgia, Tennessee, the Carolinas, Virginia, Northern Florida and surrounding areas. I'm hopeful the situation will quickly improve as multiple levels of government are involved, this may become a nightmare should it continue just ahead of the start of the summer driving season."

The current national average gas prices sit at $2.95 a gallon, putting Wisconsin below the national average at this time. Read more 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.