Happy Wednesday! In this week’s Big I Buzz: the Big "I" voices support for efforts to preserve the state-regulated insurance model, and tort reform efforts gain momentum as the surge in nuclear verdicts continues to reshape liability litigation.

Big "I" Applauds Effort to Protect State-Based Insurance System

Senator Tim Scott (R-South Carolina), Chairman of the U.S. Senate Banking, Housing, and Urban Affairs Committee, and Representative Bryan Steil (R-Wisconsin) have reintroduced the “Business of Insurance Regulatory Reform Act.” This legislation aims to clarify the scope of authority granted to the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank Act, reinforcing the role of state insurance regulators as the primary overseers of the insurance industry. The Big “I,” along with several other trade associations, submitted a joint letter of support to Sen. Scott and Rep. Steil, thanking them for their continued leadership to protect the state-based system of insurance. Read more here.

Tort Reform Gains Ground as Nuclear Verdicts Reshape the Liability Landscape

The legal landscape surrounding liability is shifting as nuclear verdicts become more frequent and several states move forward with broad tort reform measures. According to Sedgwick’s 2025 liability litigation trends report, these reforms are intended to restore balance to the judicial system in response to the sharp rise in high-dollar awards.

In 2024 alone, there were 135 verdicts awarding more than $10 million, marking a 52% increase over the previous year. The total value of these verdicts reached $31.3 billion—up 116% from 2023. Read more here.

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