Happy Wednesday! In this week's Big I Buzz, we are sharing 7 findings from the 2022 Agency Universe Study and a great reminder for your clients during Cybersecurity Awareness Month. 

7 Findings From the 2022 Agency Universe Study

Independent Agent Magazine has released 7 findings from the 2022 Agency Universe Study. Here are those key findings: 

1. The number of independent agencies has increased. 

2. Business conditions continue to be generally favorable. 

3. Technology has become a crucial part of operations and customer service. 

4. Principal aging remains stable. 

5. Finding qualified staff and marketing continue to be key agency challenges.

6. Emerging purchase channels' impact on personal lines remains a concern. 

7. Inclusion gains some ground. 

Read more details about each of these takeaways at iamagazine.com

Celebrating Cybersecurity Awareness Month

According to Coalition's 2022 Cyber Claims report, the average cost of a cyber claim for a small business owner during the first half of 2022 was $139,000, 58 times higher than the first half of 2022. Now is the perfect time to remind your customers about the importance of cybersecurity and cyber liability coverage. Trusted Choice has created a variety of creative marketing campaigns to help both businesses and individuals understand the importance of cyber safety and how insurance can help protect them. Access the marketing campaigns 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 sharing how to sign up to be a member of an IIAW Task Force or Council and 4 studies you need to read for Cybersecurity Awareness Month. 

Get Involved With IIAW's Task Forces & Councils

The IIAW recently announced the opportunity for our members to join our Task Forces & Councils. These Task Forces & Councils act as a sounding board for planning and IIAW education, events and other member benefits. You can join one (or multiple) of the following Task Forces & Councils: Personal Lines Task Force, Commercial Lines Task Force, Employee Benefits Task Force, Industry Relations & Operations Council, Government Affairs Council and Emerging Leaders. Joining a Task Force or Council is easy! Complete the short form here (on the bottom of this page) and you'll be on the contact list for that group to receive an invite for the next meeting. 

If you want to learn more about the Task Forces and Councils before signing up, mark your calendar down for Tuesday, October 18th! The IIAW and our Board of Directors is hosting a free kickoff event from 3 to 5 p.m. at Milford Hills in Johnson Creek. Everyone is welcome to join, and you don't have to be a part of the Task Forces & Councils to attend. Learn more here. 

Cybersecurity Awareness Month: 4 Studies you Need to Read

October is National Cybersecurity Awareness Month and it's a great time to make sure you're on top of the latest trends in every market to be a trusted advisor to your clients. IA Magazine has put together four major takeaways from studies to help you protect your clients and your agency: 

1. Cybersecurity recovery time and costs are much higher than businesses realize. If you receive our Commercial Lines monthly e-newsletter, you'll know that often small businesses tend to underestimate the cost of a cyberattack could be for their company. A recent survey from Nationwide Agency Forward about cybersecurity and business owners found that less than 3 in 10 small business owners report having cyber coverage, compared to 71% of the middle market business. Small business owners are significantly less likely to be taking important precautions with their employees. 

2. Cyber threats remain the top overall business concern. The 2022 Travelers Risk Index found that cyber threats were the leading concern, with 59% of survey respondents say that they worry some or a great deal about cyber threats, followed closely by broad economic uncertainty. 

3. Consumers are concerned about cyberattacks but haven't insured their digital fingerprints. The Nationwide Agency Forward survey about cybersecurity and business owners also found that consumer concerns about a cyberattack are on the rise. "As many as 58% admitted that they are concerned about falling victim to a cyberattack, which is an increase of nine points since June 2020. Consumers said increased frequency (61%) and sophistication of attacks (51%) in recent years are causes for concern.

4. Average claim cost rises but ransomware claims and waning. "During the first half of 2022, the average cost of a claim for a small business owner increased to $139,000 which is 58% higher than levels during the first half of 2021, according to the mid-year update to Coalition's 2022 Cyber Claims Report." Read more from iamagazine.com 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 sharing information about a free networking & happy hour event, easy marketing opportunities for the month of October and the change in Wisconsin property values. 

The IIAW's Task Forces & Councils Kickoff Networking & Happy Hour

Join the IIAW Staff and Board of Directors to celebrate our new Task Forces and Councils (previously known as committees). IIAW agency and company partners are welcome to come and network, meet our team and learn more about the opportunity to serve on our task forces and councils and help to drive the work we do in the coming year and beyond. If you're already on a task force or council, this is a great way to meet your IIAW staff liaison and other members of your group. If you haven't signed up yet, no worries, it's a great way to come and learn more in the comfort of the beautiful Milford Hills Hunt Club. All are welcome, so reserve your spot and we'll see you there!

Register Now

October is Cybersecurity Awareness Month

Trusted Choice has ready-to-use social media content to help you promote Cybersecurity Awareness Month on your social platforms. Use and share graphics that highlight common password vulnerabilities and prompt business owners to consider their own cybersecurity risks and coverage needs. Visit the Trusted Choice Content to Share library and click on cyber insurance to get started. You can share graphics and articles directly to your social channels including suggested post copy with just a few clicks! 

Wisconsin Property Values See Record Growth in 2022

According to WPR and The Wisconsin Policy Forum, property values in Wisconsin rose 13.8%, overwhelmingly surpassing the previous record increase of 9.6% in 2006. Along with property values, statewide gross property tax also increase. However, this year's property tax levies increased by 1.6%, the smallest annual increase since 2014. 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. 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 are excited to share that we have opened registration for our IIAW Task Forces & Councils Kickoff Networking & Happy Hour Event. 

The IIAW staff and Board of Directors invite you to join us to celebrate and learn more about our new Task Forces and Councils (previously known as committees). The event is happening from 3 to 5 p.m. on October 18th, 2022 at the Milford Hills Hunt Club in Johnson Creek. Already signed up for a Task Force or Council? That's great! Come meet your IIAW staff liaison and other members of the groups. Not ready to commit to joining a Task Force or Council? We invite you to join to learn more in the comfort of the beautiful Milford Hills Hunt Club. All are welcome, so reserve your spot and we'll see you there! Register now for the event: https://www.iiaw.com/event/iiawgroups

'People Are Just Driving More Recklessly': Wisconsin On Track for 4th Straight Year With More Traffic Deaths

According to WPR, "Wisconsinites are speeding more and wearing their seat belts less. The state is on track to see more traffic deaths this year than in 2021, which would mark the fourth straight year of increases." WPR conducted an interview with David Pabst of the state Department of Transportation, who called the continuing trends of more reckless driving "alarming". Read the transcription of the interview 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 and end of August! In this week's Big I Buzz, we are discussing the Labor Day travel forecast and U.S. drivers struggle to pay for their auto insurance. 

U.S. Labor Day Weekend Travel Volumes Seen Rebounding to Pre-Pandemic Levels

Americans are squeezing in one last vacation for summer 2022 by heading out on trips for Labor Day weekend. According to U.S. News, "The number of people traveling for the U.S. Labor Day holiday weekend is expected to rebound to pre-pandemic levels and possibly set new records in some cases.

A few stats to know from U.S. New's article: 

• Labor Day holiday travel spending is up 17% compared with 2019 levels, according to Adobe Analytics, which measures data across travel, leisure and hospitality sites. 

• Domestic flight prices are expected to be 20% higher than the holiday weekend in 2019 and 2021, according to Hopper. 

• United Airlines Holdings Inc anticipates 2.6 million people will travel with the airline from Thursday through Thursday. The airline carrier said this would nearly match its Labor Day weekend volume of 2019. Along with this statistic, Hopper predicts 12.6 million travelers will fly from Thursday to Monday this weekend. This is 22% higher than passenger volumes in 2019 as reflected in U.S. Transportation Security Administration checkpoint figures. 

• Approximately 1.76 million nights have already been booked across the holiday weekend, a record number of nights for short-term rentals during Labor Day weekend, according to Jamie Lane, Air DNA vice president of research.

Read more about this weekend's travel forecast here. 

One in Three U.S. Drivers Now Struggle to Pay for Auto Insurance

Driving app, Way.com, has roughly 6.5 million drivers using their service to locate parking, schedule car washes, shop for vehicle insurance and more. They interviewed 1,000 drivers to explore how the current economy impacts their insurance usage and choices. According to Property Casualty 360 and the survey, "...34% of respondents are struggling to pay auto insurance premiums. That same percentage of drivers said their current auto insurance costs more than $200 a month. Roughly three out of four of Way.com survey respondents said they've had the same auto insurance carrier for five years or more." 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. 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!