Happy March! Today's Big I Buzz will highlight our featured benefit of the month and we'll discuss how the Ukraine invasion could affect the insurance industry and safety tips for spring flood season.

This month's featured benefit: Agency Operational Evaluation

The IIAW offers a free Agency Operational Evaluation. The evaluation will ask you questions about your day-to-day operations and upon completion, you'll receive a customized report that connects you with the recommendations and resources to help your agency improve agency workflows, procedures and operational E&O exposures. Click here to learn more: https://www.iiaw.com/page/memberbenefits

AM Best: Ukraine Invasion to Likely Have 'Substantial Impact' on Insurance Industry

AM Best believes that Russia's invasion of Ukraine to add to inflationary pressures and will likely have a substantial impact on the global insurance industry. 

According to Insurance Journal, "The rating agency Friday said efforts by the global central banks and the U.S. Federal Reserve to contain inflation will be challenged. Plus, sanctions may have "severe knock-on effects" on oil and commodity prices as well as tourism and the economies of some of the world's less resilient countries. AM Best called sanctions a "two-way street." For instance, the U.K. and other European countries rely on Russia for gas, and there "is a very real concern that prices will skyrocket from already elevated levels." Sanctions could make it difficult for international insurers and reinsurers to underwrite Russian risks or service existing policy claims. According to AM Best, those affected most would likely be those writing large energy and infrastructure risks, such as London Market insurers and international reinsurers. 

As tensions increase, there could also be an increase in the risk of a systemic cyber attack. Read more about the effects here. 

February 28th through march 4th is Flood Safety Awareness Week and Wisconsin residents should be prepared for potential flooding. "According to Wisconsin Emergency Management Public Information Officer Katie Rousonelos, just six inches of water can carry away a person, and 12 inches can carry away a car. Cleaning out gutters and elevating utilities are two good ways to keep flood waters out of your home."  A great resource to share with your clients is Ready.gov. They have a detailed list about preparing for a flood, staying safe during a flood and staying safe after a flood. You can see Ready.gov's resources 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.