We are back with another Big I Buzz. This week we are sharing two ways IIAW members can earn FREE CE and a new networking event you should add to your calendar right now. 

The Wisconsin OCI requires that WI insurance agents complete 24 hours of continuing education credits (3 of those being credits in ethics) every two years. Still need some CE to fulfill this requirement? Don't worry, the IIAW offers CE classes through ABEN year-round and we also have two ways you can earn FREE CE. First, the IIAW's newest Gold-level Supporting Company Member, PuroClean is hosting FREE CE courses on Friday, September 16th at the Machine Shed in Waukesha. You can earn three credits for their Errors & Omissions course from 9 a.m. to 12 p.m. (this course is not eligible for premium credit). And, earn another three credits for their Toxic Mold Remediation course from 12:30 p.m. to 3:30 p.m. Fill out the registration form here and send it over to Abby Coffey by September 9th to attend (submission directions included on the registration form). Next, the IIAW has recently launched our new Task Forces & Councils. Each Task Force or Council will have three virtual meetings per year and act as a sounding board for planning IIAW education, events and other member benefits. Your participation gives you access to industry experts, exclusive networking events and FREE CE during most of these virtual meetings when content allows. Click here to see the available Task Forces & Councils for 2022. 

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. Additionally, we send out monthly newsletters with content curated just for you and your role. Make sure you're on the list to receive our communications by heading to bit.ly/industrynewsforyou to stay in the loop!

Happy Wednesday! In this week's Big I Buzz we have news about an actuary's guide on where things stand with auto insurance in 2022 and a reminder to get involved with the IIAW!

As the U.S. personal automobile insurance market combined ratio ends 2021 over 100% for the first time since 2017, many companies reported significantly worse combined ratios in the fourth quarter of 2021 and Q1 2022 compared to prior periods (e.g., Kemper’s Specialty Property & Casualty Insurance reported a 119% combined ratio in Q4 2021 and 109% in Q1 2022).

Additionally, the prior period reserves of many companies are displaying adverse trends, and their current periods are experiencing tumultuous spikes in severity. Therefore, U.S. personal auto insurance companies will face significant challenges for the rest of 2022 and 2023.

Allstate cites the main contributors to increased auto claim severity to be increased used car prices, higher parts and labor costs, medical inflation, and greater attorney representation. Kemper and Progressive also mention an increase in auto claim severity as a driving force in their fourth-quarter results. These factors appear to be affecting trends throughout the entire industry with no end in sight.

Inflation and War Create Upward Cost Pressure
We are all feeling the effects of inflation at the pump and in the grocery store, so it seems only natural that insurers are feeling its effects through an increase in claim severity. A look at the table in Figure 1 shows that the consumer price index (CPI) for all items has increased 11.2% since the beginning of 2020. By comparison, the price of motor vehicle parts and equipment has increased by nearly 15% during the same time period.

You can read the entire article here!

Get Involved with IIAW's Task Forces & Councils 
Educate • Network • Plan

The IIAW is excited announce new Task Forces and Councils! Each Task Force or Council will have 3 virtual meetings per year and act as a sounding board for planning IIAW education, events and other member benefits.

All agency employees and the following Supporting Company Members: Silver, Gold, Diamond & Exclusive are welcome to participate in one or more groups!

Learn more here!

Happy Wednesday! In this week's Big I Buzz we are highlighting tips you can share with your clients for BBQ Safety Month and information on today's virtual event that you won't want to miss. 

Barbecue Safety Tips for National Grilling Month

July is National Grilling Month and it's the perfect time to remind your clients about grilling safety tips to keep them and their belongings safe. According to the U.S. Fire Administration, "There are around 5,700 grill fires on residential property each year, causing around $37 million in damages, 100 injuries and 10 fatalities." NU Property Casualty 360 has listed these 8 safety tips: 

1. Always operate your barbecue on a level surface.

2. Keep a fire extinguisher nearby when grilling.

3. Don't move the grill once it is lit. 

4. Keep children and pets away from the grill. 

5. Protect whoever is grilling with a heavy apron and oven mitts that extend over the forearm.

6. Only use lighter fluid specifically designed for grilling. 

7. Never grill indoors or in enclosed areas.

8. Wait until the grill has cooled before storing/covering it. You should also soak charcoal briquettes with water to ensure they are inactive before disposing of them. 

2022 Sales & Leadership Summit Preview Webinar

Today at 1 p.m. MarshBerry's Don Folino will give a preview of what you can expect when you attend the 2022 Sales & Leadership Summit in Neenah, WI on August 23-24. Don will highlight how the summit focuses on the skills and knowledge needed to maximize your potential and start generating more revenue. In addition, Don will highlight MarshBerry's proprietary tool that's designed to enable your leadership team to increase sales, provide perspective on what's working and help drive predictable, profitable organic growth in your organization. Don't miss this preview webinar and learn more about the 2022 Sales & Leadership Summit. Click here to register. 

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. Additionally, we send out monthly newsletters with content curated just for you and your role. Make sure you're on the list to receive our communications by heading to bit.ly/industrynewsforyou to stay in the loop!

Happy Wednesday! We hope that everyone enjoyed their Fourth of July weekend and using information last week's Big I Buzz, you were able to avoid some of the holiday travel! 

This week we are sharing information about Wisconsin State Law license plate regulations, what's driving the cyber insurance market and how the federal interest rate hike can affect the insurance industry. 

License Plate Reminder

Now is a great time to remind your clients about Wisconsin State Law license plate regulations to help them avoid unnecessary tickets. Feel free to share the below image and copy on your social media pages. 

Did you know that per Wisconsin State Law if you are issued two license plates you must attach both to your vehicle? Your license plate must be kept in a legible condition, which means no plate covers. This also means that your registration plate lamps, wiring and connections must be maintained in a proper working condition. Finally, if you are given two license plates you must attach the validation sticker to the rear plate as shown below. Connect with your local Trusted Choice independent insurance agent to make sure you've got the coverage you need when it comes to your vehicle! 

Evolving Risk is Driving Cyber Insurance

According to the 2021 NetDiligence Cyber Claims Study, the top five causes of loss for samll and medium-sized enterprises over the last five years based on number of claims was: ransomware, hackers, business email compromise, staff mistakes and phishing.  The increase in ransomware attacks since 2016 has encouraged underwriters to focus on cybersecurity and putting controls in place to help mitigate the impact of cyber events. While there's no way to eliminate cyber risk, insurers are applying minimum requirements on risk controls to obtain cyber coverage like multifactor authentication, endpoint protection and firewalls. Read more about upcoming regulatory enforcement and prevention and resilience here. 

What Fed's Interest Rate Hike Means for Insurance

The Federal Reserve again hiked interest rates Mid-June by 0.75%. Insurance Business reports, that Mark Bernacki, Amwins Chief Underwriting Officer believes,  "Insurance agents should be talking to their clients to make sure they have "sufficient insurance" against a backdrop of soaring loss costs as the Fed seeks to dampen the effects of inflation. They should also be educating them on what the interest rate change means for the insurance market." So, what does this mean for the insurance market? Bernacki stated to Insurance Business Mag, "Obviously, there's the expectation that this could have some short-term pain, both for the economy as well as the insurance industry, but long term this should ultimately be good for both the economy and the insurance industry and also strengthen the labor markets that we're seeing." Read more from the report 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. Additionally, we send out monthly newsletters with content curated just for you and your role. Make sure you're on the list to receive our communications by heading to bit.ly/industrynewsforyou to stay in the loop!

Happy Wednesday! In this week's Big I Buzz, we are discussing the educational opportunities available for IIAW members, home renovation risks and the number of Americans facing health care debt. 

IIAW Educational Opportunities

The IIAW is an honored recipient of the Big "I" National 2022 Excellence in Insurance Education (EIE) Diamond Award. This award recognizes state associations and staff who have made significant contributions to insurance educations for their members and the industry. The IIAW offers various traditional and cutting-edge professional development programs! IIAW members have access to our educational opportunities. 

First, we offer in-person and online prelicensing options for Wisconsin insurance professionals. The in-person and online insurance licensing course is led by Gabrielle O'Brien, who has taught more than 20,000 prelicensing students! The IIAW prelicensing course is designed to help you pass your state licensing exam by the quickest method of meeting the WI educations hours requirement. 

Next, we offer online continuing education courses. The WI OCI requires insurance agents in Wisconsin complete 24 hours of continuing education credits with three of those being in ethics every two years. The IIAW provides unique and attention-grabbing courses through our partnership with ABEN. ABEN offers high-quality CE and professional development online webcasts. Now through the end of the month, you can receive 20% off online CE through ABEN with code SUMMERCE. 

Last, but certainly not least, we offer employee training through MyAgencyCampus. MyAgencyCampus offers employee training ranging from insurance basics, specific job roles or even specific business skills. A few bundles we'd like to mention are the Commercial Lines Coverage Basics which includes 25 courses in one bundle, their Introduction to Employee Benefits Insurance Basics and the Personal Lines Coverage Basics. MyAgencyCampus has these bundles and so much more (four pages worth of courses) that you can take to enhance onboarding new employees. 

To learn more about the educational opportunities we offer IIAW members, visit iiaw.com/education.

Insureds Need Help Avoiding Home-Renovation Risks

According to NU Property Casualty 360, "Over a third of homeowners in the U.S. and Canada embarked on renovations during the last year." With the number of homeowners starting home renovations, it's a great time to help them avoid the risks of renovation. [Home renovation projects] "are a chance for home insurance agents to step up for their clients, who may not realize the high chance that their property may sustain water damage during a renovation, or that certain updates, such as finishing a basement or installing a swimming pool, will require additional coverage. One great way to put yourself front-of-mind for your clients is by utilizing your social media sites. IIAW members have access to Trusted Choice's Content to Share. Trusted Choice puts together graphics and captions that you can use on your social media page, and they have great reminders for your social media followers to reach out to you when considering home renovation.

100 Million People in U.S. Saddled With Health Care Debt

Benefits Pro has reported that, "6 in 10 working-age adults with coverage have gone into debt getting care in the past five years, a rate only slightly lower than the uninsured." A nationwide poll from KFF found that about 1 in 7 people said that they've been denied access to a hospital, doctor or other provider because of unpaid bills. "Patient debt is piling up despite the landmark 2010 Affordable Care Act. The law expanded insurance coverage to tens of millions of Americans. Yet, it also ushered in years of robust profits for the medical industry, which has steadily raised prices over the past decade," according to Benefits Pro. This article from Benefits Pro goes in depth about the the KFF Health Care Debt Survey and additional research conducted by the Urban Institute. Read more from this article 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.