Happy Wednesday! In this week's Big I Buzz, we are discussing the upcoming convention, workers' comp rate decrease in Wisconsin and the results from the Q2 IVANS Index.

InsurCon2021 Countdown is On

InsurCon is quickly approaching with only a short week and a half left until this must-see event. Join us on August 10-11 at the Kalahari Resorts in Wisconsin Dells. Our speakers include industry experts, marketing gurus and technology geniuses with our keynote speaker, Joe Theismann. This premier event will highlight ways for agents to build their business, increase their marketing effectiveness and improve their business skills. Register now at iiaw.com/insurcon.

5.44% Workers' Comp Rate Decrease Approved in Wisconsin

Effective October 1, 2021, there will be a 5.44 percent decrease in workers' compensation insurance rates. According to Wisconsin Insurance Commissioner Mark Afable, the decrease could result in a savings of more than $90 million for Wisconsin businesses. This is now the sixth straight year of rate decreases in Wisconsin. 

According to Insurance Journal, "the five major industry groups for workers' compensation insurance in Wisconsin will benefit from a rate decrease. 

• Contracting will have a 5.35% decrease;

• Office and clerical will have a 4.21% decrease; 

• Goods and services will have a 6.39% decrease; 

• Manufacturing will have a 5.53% decrease; and

• The miscellaneous industry group will have a 4.12 percent decrease. " Read more here. 

Q2 IVANS Index Shows Ongoing Insurance Market Hardening

According to the Q2 2021 IVANS Index, P&C insurance-industry renewal rates are experiencing a sustained upward trend.

According to Property Casualty 360, "Second-quarter 2021 premium renewal results revealed rate changes for all major commercial lines of business increased except for the workers' compensation market, where premium renewal rates have remained negative so far in 2021. The IVANS Index provides a leading indicator of the strength of the insurance channel. Click here to read a few additional highlights from the reporting. 

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!