Happy Wednesday! In this week's Big I Buzz we discuss the billions of dollars in losses U.S. insurers faced due to severe storms in May, and the reclassification of marijuana, including its use in treating workers' compensation and auto injury claimants.

US insurers' losses to reach billions from severe storms in May

Severe convective storms from May 16 to 22, including a derecho, struck Gulf states from Texas to Florida, causing extensive damage and potentially billions in insured losses. The storms, with winds up to 100 mph and hail, broke 2,500 skyscraper windows, tore roofs off homes, and caused major power outages. Additional severe weather impacted the Upper Midwest, with hail damage in Wisconsin on May 18 and strong thunderstorms across Kansas, Oklahoma, and Missouri on May 19, including two EF-2 tornadoes. A major outbreak followed on May 21, devastating Greenfield, Iowa, with an EF-4 tornado. AccuWeather estimated the total damage and economic losses could reach $5 billion to $7 billion. Read more here.

Reclassification of Marijuana is Underway, but Approval for Workers’ Comp and Auto Injuries Will Take Time

The Biden Administration is moving to reclassify marijuana from a Schedule I to a Schedule III drug, following a recommendation from the Department of Health and Human Services. This change would facilitate its medicinal use and help resolve conflicts for employers and insurers regarding workers' compensation and auto injury claims. Reclassification would also allow more rigorous clinical trials and FDA regulation. However, the process will take time, involving a public comment period and judicial review before final approval. Read more 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.