Happy Wednesday! In this week's Big I Buzz we look at the ways severe wildfires are putting pressure on both insurers and policy holders. Plus, helping your multigenerational workforce thrive.

Are Homeowners Underinsured for Wildfire Disasters?

Wildfires have already ravaged more than two million acres across the U.S. in 2024. This increasing frequency, plus the rising costs of real estate and construction materials are causing concerns about the adequacy of wildfire insurance coverage amidst inflation. With inflation rates rising, it becomes challenging for insurers to accurately quantify damages, leading to prolonged and more expensive claims processes. Statistics show that two-thirds of American homeowners are underinsured for wildfires by up to 60%, leaving many financially vulnerable as inflation outpaces policy adjustments. Insurers are adapting by offering new products and higher deductibles, but this places additional financial pressure on policyholders who may struggle to cover out-of-pocket expenses. Read more here.

Helping Your Multigenerational Workforce Thrive

A Glassdoor report indicates that Gen Z will surpass baby boomers in the workforce by 2024, leading to potential intergenerational workplace dynamics. While fostering inclusive multigenerational workplaces will require intentional culture building and engagement strategies, the process doesn't need to be as difficult as organizational leaders may fear. Despite generational differences, both groups share common values, such as prioritizing work-life balance, especially influenced by the COVID-19 pandemic. Companies can support a multigenerational workforce by adopting flexible work environments, upgrading digital infrastructure, and authentically demonstrating company values. 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.