Happy Wednesday! On this week's Big I Buzz, we are discussing how the Olympics' ban on spectators will cost the global reinsurance sector, how to earn 6 FREE CE credits and why Wisconsin taxpayers should be on high alert to suspicious mail regarding tax collection. 

Olympics Ban on Spectators to Cost Reinsurers Far Less Than Cancellation: Fitch

An analysis from Fitch Ratings has found that Japan's decision to ban spectators from the Tokyo Olympics will cost the global reinsurance sector $300 to $400 million due to payouts for ticket and hospitality refunds. According to Insurance Journal, "these costs are only 10-15% of the amount reinsurers would have faced had the Olympics been cancelled, and its impact on earnings should be limited, leaving capital and ratings unaffected. The analysts believe reinsurers would bear most of the losses arising from this cover given that high-severity exposures are typically heavily reinsured." Read more here. 

How to Earn 6 FREE CE Credits

When you register for InsurCon2021, you'll not only get to network with everyone that you've missed throughout the last year, but you'll also receive 6 FREE CE Credits. In an effort to reduce the amount of time attendees will spend in smaller breakout rooms, we will be providing a voucher good for six FREE CE credits (a $144 value). Attendees can redeem their free CE credits in the comfort of their own home, on their schedule giving you even more time to network while at InsurCon. These vouchers must be used prior to November 30, 2021. 

If you haven't already registered for the convention, now is the time! The rooms under IIAW's room block for the night of Tuesday, August 10th and the night of Wednesday, August 11th at the Kalahari Resorts have now sold out. If you plan to stay overnight either nights (or both), nearby hotels (0.9 miles from the Kalahari) include the Ramada Inn and Holiday Inn. The IIAW does not have room blocks at these hotels. We do encourage everyone who plans to stay overnight to make their reservations as soon as possible because this is peak time in Wisconsin Dells and rooms will go fast. 

Fraudulent Mail Warning: Wisconsin Officials Alert Public

The Wisconsin Department of Agriculture, Trade and Consumer Protection (DATCP) and the Wisconsin Department of Revenue (DOR) revealed on Monday, July 12th that the agencies have received reports from multiple counties of individuals receiving fraudulent letters related to tax collection. 

According to Fox6 Milwaukee, the public can identify these letters by looking for: 

"• A return address listing the "Benefits Suspension Unit," a Wisconsin county, and "Public Judgement Records."

• A fake government seal with an image of the U.S. in a circle, rather than a state, county or municipality seal. 

• A paid postage mark indicating the letter originates from Los Angeles, CA

• There is no information on remitting payment, only a number to call to "avoid enforcement.""

Scammers may have been able to target victims by searching court filings for individuals who have already had court cases filed against them to collect taxes, according to the release from DATCP and DOR. For more information, please click 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. We hope that everyone has a great rest of their week!