Happy Wednesday! In this week's Big I Buzz: Registration is now open for InsurCon2025, and the latest updates on the US personal lines insurance outlook and FEMA's action on Fort Myers Beach.

InsurCon2025 Registration Now Open

The Independent Insurance Agents of Wisconsin (IIAW) is excited to announce that registration is now open for InsurCon2025! This year’s convention will take place May 7-8 at the iconic American Family Field, home of the Milwaukee Brewers. Get ready for an unforgettable experience alongside Wisconsin’s top independent insurance agents, all set in a truly unique ballpark setting. You won’t want to miss out on the chance to network, learn, and enjoy a grand-slam experience at this one-of-a-kind event! Register today and save your spot!

AM Best Revises Outlook for US Personal Lines Insurance to ‘Stable’

AM Best recently revised its outlook for the US personal lines insurance segment to "Stable." The move reflects improved underwriting results, a favorable pricing environment, and enhanced capital positions for insurers. The outlook indicates a balance between challenges such as inflation and rising claims severity, alongside solid financials and a healthy competitive environment. As insurers continue to navigate these evolving conditions, this revised outlook offers a positive signal for the personal lines market. Read More Here.

FEMA Takes Action on Fort Myers Beach for Improper Rebuilding
FEMA has issued a sharp warning to the Fort Myers Beach area following reports of improper rebuilding in flood-prone zones. After Hurricane Ian’s devastation, officials discovered that several structures were rebuilt without adhering to the necessary floodplain management rules, prompting the agency to halt federal disaster relief funds. This action highlights the importance of compliance with flood mitigation measures and serves as a cautionary tale for other communities rebuilding after natural disasters. 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.

Happy Wednesday! In this week's Big I Buzz: a New York man was charged with insurance fraud in a staged car crash captured on dashcam footage. Plus, a look at how the election could bring changes to the P/C insurance sector.

NYC Man Charged With Insurance Fraud in Staged Car Crash Captured By Dashcam

A New York City man was recently charged with staging a car accident in Queens to commit insurance fraud. The alleged incident, captured on dashcam footage that went viral, involved the suspect's vehicle cutting off another driver and then intentionally reversing into her car. The suspect was arrested upon returning to New York from Ecuador, while authorities are still searching for other accomplices. He faces multiple charges, including reckless endangerment and insurance fraud, to which he has pleaded not guilty. Read more here.

Election Could Bring Change to Property/Casualty Insurance Sector

The recent elections could lead to changes in the property/casualty insurance landscape as new policies emerge at both state and federal levels. The American Property Casualty Insurance Association (APCIA) aims to push federal legislation on third-party litigation funding transparency, while state-level tort reforms may continue. Experts suggest that Trump's potential tariff policies could increase repair costs for insurers, affecting premiums. Meanwhile, mergers and acquisitions may benefit from a stable tax environment, though challenges with foreign partnerships may arise. 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.

Happy Wednesday! In this week's Big I Buzz: a look at how natural disasters kickstart legal work, plus how to help workers understand and use their benefits.

Attorneys Reveal How Natural Disasters Kickstart Legal Work

Florida's legal landscape is bracing for a wave of claims following two back-to-back hurricanes this year. Legal experts anticipate a range of disputes, from typical insurance claims to unique cases involving property law and family law, which often see increases after natural disasters. The storm aftermath highlights vulnerabilities in the state’s legal and insurance systems, which face heightened pressure to manage rising claim volumes. Meanwhile, regulatory bodies are likely to revisit and possibly reform aspects of property insurance coverage. For more on the legal implications, read more here.

Workplace Benefits: How to Help Workers Understand and Use Them

Helping employees understand and use workplace benefits remains a challenge, as many find benefits confusing or underutilized. Open enrollment presents a critical opportunity for benefits brokers to clarify offerings and connect workers with personalized options. Tools are available that can help employees make informed decisions through surveys and tailored recommendations. With rising healthcare costs, companies are increasingly offering diverse benefits, including mental health resources, legal services, and identity protection. 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.

Happy Wednesday! In this week's Big I Buzz: Hurricane Milton caused private insured losses of about $36 billion. Plus, how to combat the growing threat of jewelry fraud.

KCC Expects Private Insured Losses of $36B From Hurricane Milton

Hurricane Milton resulted in an estimated $36 billion in private insured losses, according to catastrophe modeler Karen Clark & Co. (KCC). The estimate includes damages from wind, storm surge, and inland flooding, impacting personal, commercial, and industrial properties, vehicles, and business operations. Unlike Hurricane Helene, which also struck Florida's West Coast, most of Milton’s damage came from wind, leading to higher losses covered by private insurers, according to KCC. While both Milton and Helene were major hurricanes, Milton was at one point a Category 5 storm before wind shear weakened it to a Category 3, making landfall near Sarasota on October 9. Insured losses of $36 billion would make Milton one of the costliest insured-loss hurricanes ever. Read more here.

Combatting the Growing Threat of Jewelry Fraud

Jewelry fraud is on the rise in the United States, with over $1 billion worth of jewelry "disappearing" each year—accounting for 70% of all stolen property. Low premiums and easy access to jewelry policies make them an appealing target for fraudsters. Common tactics include misrepresentation during the application process, inflating the value of items, insuring counterfeit pieces as genuine, and other exaggerations of ownership and value. Insurance companies have specialized investigative units tasked with identifying these fraudulent claims. Investigators closely examine inconsistent documentation, discrepancies between valuations and sales prices, missing or unverifiable receipts, and patterns of frequent or suspicious claims. 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.

Madison, Wis. — Oct. 3, 2024 — Rural Mutual Insurance Company and Badger Mutual Insurance Company, with a combined 227 years of providing farm, commercial and personal policies, announce an affiliation subject to regulatory approval with an anticipated effective date in January 2025.

Rural Mutual and Badger Mutual are well-respected Wisconsin-based brands that each bring value to the affiliation, including an extensive breadth of industry knowledge, exceptional customer service, and deep community involvement. Both companies share a similar vision and culture that will support collaboration, and they will each retain their distinct brand identities. They believe this affiliation will generate long-term growth and stability for employees, agents, and policyholders.

“The opportunity to affiliate these two reputable brands for mutual growth is exciting, and we look forward to working together to increase the value of both organizations even more,” said Dan Merk, Rural Mutual Executive Vice President and CEO. “Even beyond our shared Wisconsin roots, Badger Mutual’s consistent commitment to their employees and communities make them a perfect cultural fit for us.”

Rural Mutual adds its financial strength and AM Best A+ rating, seasoned staff, local agents, and operational excellence to the relationship. Badger Mutual contributes an experienced management team and independent agents with an expanded sales footprint in six states outside of Wisconsin.

“We are excited about the opportunities this partnership brings for our policyholders, agents, and employees. Rural Mutual is a top-tier insurance brand with a strong reputation, whose values and principles are closely aligned with ours. This strategic alliance will be a significant milestone, marking a new chapter in Badger Mutual’s history,” said Dan Nigro, President & CEO of Badger Mutual. “From the outset, we felt a great synergy with the Rural Mutual team, and our entire organization is eager to embrace the growth and scale this affiliation will foster.”

Both companies will continue to maintain their existing Wisconsin headquarters with Rural Mutual in Madison and Badger Mutual in Milwaukee.

About Rural Mutual Insurance Company

Rural Mutual Insurance Company has been protecting Wisconsin for 90 years and is the state’s No. 1 writer of farm insurance and No. 4 writer of commercial insurance. As an AM Best A+ Superior company, Rural Mutual provides a full line of insurance products exclusively to farms, families, and businesses in Wisconsin. The company is headquartered in Madison, Wisconsin with over 150 local agents across the state.

About Badger Mutual Insurance Company

Badger Mutual Insurance Company has been providing a range of property and casualty insurance products since 1887. The company is headquartered in Milwaukee, Wisconsin, and is represented by over 320 local agencies across seven states: Wisconsin, Illinois, Minnesota, Iowa, Michigan, Arizona, and Nevada.