Happy Wednesday! In this week's Big I Buzz, we are discussing steps to take to avoid vehicle pothole damage, content to share for St. Patrick's Day and how social inflation is contributing to commercial rates. 

Drivers: Take these steps to avoid vehicle pothole damage

Thawing roads means headaches for drivers as craters and crevices make themselves known. According to Property Casualty 360, "Although pothole damage is covered by most collision policies, the expense may not exceed a policyholder's deductible, which means repair costs would have to be paid out-of-pocket. AAA and QuoteWizard say that drivers in the U.S. spend about $3 million a year fixing vehicle damage caused by potholes. 

Here are a few steps to avoid pothole damage: 

1. Keep tires properly inflated. If tires are underflated, which they often are after a bout of cold weather, the impact from hitting a pothole is much more likely to cause vehicle damage. 

2. Travel at a safe speed for the road conditions, and keep an eye on the road - always. This can all help drivers avoid hitting potholes in the first place. 

3. Avoid sudden swerving to avoid a pothole as this may result in loss of vehicle control or cause a dangerous distraction for other drivers.

4. Report fresh potholes to local authorities immediately so they can address this roadway hazard.

Read more from the article here. 

As you plan your social media content for the rest of the week, feel free to right-click and save this graphic! 

Suggested copy: Make sure luck is on your side this St. Patrick's Day. [insert your website here]

Social Inflation Contributed to $30B Increase in Commercial Auto Costs, Paper Finds

According to a report by the Insurance Information Institute (Triple-I) in collaboration with the Casualty Actuarial Society, commercial auto insurance liability claims have increased by $30bn between 2012 and 2021 due in part to social inflation. The report suggests that general inflation and social inflation caused by legal system abuse and third-party litigation funding are among the contributors to the upward movement in commercial auto liability insurance costs. The authors examined trends in the loss development patterns used by actuaries to estimate future insurer liabilities and found that loss development factors for commercial auto insurers have been increasing for more than a decade, with high levels of social inflation remaining present in industry results.

Read more here. 

We hope that you all have a happy and safe St. Patrick's Day. Don't forget if you haven't already updated your information to head back to this week's Big I Buzz email so you can receive our monthly email curated for you and your role. 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.