Happy Wednesday! In this week's Big I Buzz we are discussing how inflation could affect your retirement accounts and the fraud rates across different industries. 

See you on May 9-10th for InsurCon2022

Thank you to everyone who registered for InsurCon2022! We are looking forward to seeing everyone on Monday and Tuesday! If you're a registered attendee, keep an eye out for our email on Tuesday where we outline the schedule for the day!

How Will Inflation Affect Your Retirement Accounts? 

As prices continue to creep upward, it's causing Americans' spending habits to change. Benefit News reported, "According to a survey from insurance firm Voya, 66% of Americans are concerned about the impact inflation will have on their ability to save for retirement, and 71% are feeling the effects of inflation on their ability to maintain their current lifestyle... Without integration and understanding, employees are increasingly reacting to short-term emergencies and savings blips, rather than feeling confident in their ability to ride it out, Jeff Cimini, SVP or retirement product Management at Voya say. The Voya. survey found that 43% have used finances they set aside for retirement to deal with inflation-related expenses."

Industries That Saw the Biggest Fraud Rate Change from Q1 2021 to Q1 2022

TransUnion has released their quarterly fraud analysis report for Q1 2022 and according to Property Casualty 360, "It showed that global fraud decreased globally by 22.6% from Q1 2021." These are the 9 industries that saw the biggest change from Q1 last year to Q1 2022, both increase and decrease in fraud:

9. Financial Services: -63.6%

8. Telecommunications: -20.4%

7. Retail: -7.6%

6. Communities (online dating, forums, etc.): -6.1%

5. Gaming: +6.9%

4. Travel and Leisure: +13.3%

3. Logistics: +42.7%

2. Gambling: +50.1%

1. Insurance +134.5%

Read more here. 

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