Happy Wednesday! In this week’s Big I Buzz: Wisconsin to receive federal disaster aid after summer floods, and actuaries raise concerns over Medicare’s long-term costs.

Six States to Receive Federal Disaster Aid From Summer Floods

President Trump has approved federal disaster aid for Wisconsin and five other states following storms and floods that occurred this spring and summer. The disaster declarations will provide federal funding to Wisconsin, Kansas, North Carolina, North Dakota, and tribal areas in Montana and South Dakota. In each case except Wisconsin, the approval process took more than a month—continuing a trend of longer waits for disaster relief. Read more here.

Actuaries Warn Medicare Costs Threaten Long-Term Sustainability

The American Academy of Actuaries warned in a recent webinar that rising Medicare spending poses a long-term challenge for the program. Increased enrollment, along with higher costs for Part B and Part D prescription drug coverage, are projected to push premiums sharply higher over the next decade.

• Part B premiums: $147/month in 2024 → $347/month by 2034
• Part D premiums: $34/month in 2024 → $51/month by 2034

These increases could significantly impact retirees living on fixed incomes. 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: Tort reform gains momentum as nuclear verdicts reshape liability exposure. Plus, employers navigate vaccine coverage confusion as the FDA changes COVID vaccine rules.

Tort Reform Gains Ground as Nuclear Verdicts Reshape Liability Landscape

The liability litigation environment is shifting as nuclear verdicts continue to surge and states roll out new tort reforms aimed at restoring balance, according to Sedgwick’s 2025 liability litigation trends report.

In 2024, nuclear verdicts against corporations hit record highs: 135 lawsuits resulted in awards of more than $10 million—a 52% jump from 2023. Altogether, these verdicts totaled $31.3 billion, marking a staggering 116% increase year over year. Read more here.

Employers Face Vaccine Coverage Chaos as FDA Sets New Rules for COVID Vaccines

Employers are facing fresh challenges when it comes to covering COVID-19 and other vaccinations. Last week, the U.S. Food and Drug Administration announced the end of emergency-use rules for COVID vaccines, including Novavax’s Nuvaxovid, while also tightening access guidelines for others. This shift complicates coverage requirements for employer health plans.

Even as wastewater testing indicates a new COVID wave—showing about 3.6 million new weekly infections in the U.S. and over 1,300 excess deaths—the FDA maintains that the pandemic emergency period has ended. Officials now say the current, lower level of risk no longer supports encouraging routine vaccination for healthy people under 65. Secretary of the U.S. Department of Health and Human Services Robert F. Kennedy Jr. appeared to imply in comments on X that working-age people with health problems, such as obesity, might be able to get COVID vaccine shots without a prescription, but that others might need a prescription. 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 Wisconsin insurance agent shares flood coverage insights, and new data confirms record-high federal lawsuit damages tied to “social inflation.”

Flood Victims Realize Insurance Won't Cover Damage, Insurance Agent Offers Tips

Following last weekend’s historic flooding, many Wisconsin residents are learning too late that standard homeowners policies don’t cover flood damage. Insurance agent Justin Staebler spoke with CBS58 Milwaukee, offering tips and stressing the importance of evaluating flood risk before disaster strikes.

Staebler noted that most homeowners opt out of flood insurance—often assuming it’s unnecessary—yet coverage costs can vary widely. His reminder: it’s worth considering the protection before you need it. Read more here.

Federal Lawsuit Damages Hit Record Highs as ‘Social Inflation’ Claims Gain Data Support

A new Lex Machina 2025 Damage Awards Report, analyzing more than 73,000 federal cases, reveals that average damage awards in 2023 and 2024 hit record highs. The findings provide data-backed evidence for insurance industry concerns over “social inflation”—the trend of rising litigation costs and jury awards.

The report highlights a sharp split in outcomes: jury verdicts have surged dramatically, while judicial awards have remained comparatively stable. 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: 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.

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: the Big "I" outlines key takeaways from the new tax law, and Swiss Re offers an updated look at the US P&C insurance landscape.

Federal Tax Reform: The Big ‘I’ Shares Takeaways From New Tax Law

With the One Big Beautiful Bill (OBBB) now signed into law, the Big “I” has released a summary to help independent insurance agents understand the tax provisions included in this sweeping legislation. The new law represents a major overhaul of U.S. tax policy, making many elements of the 2017 Tax Cuts and Jobs Act (TCJA) permanent while introducing additional reforms.

A key highlight for many independent insurance agencies: the bill permanently extends the 20% pass-through deduction for qualified business income under Section 199A.

Read more and view the full summary from the Big “I” here.

Swiss Re: US Property & Casualty Outlook: Sunny Skies, but Pack an Umbrella

Swiss Re has released its latest outlook for the U.S. Property & Casualty industry, noting that the sector achieved a 99% combined ratio in Q1 2025—an encouraging sign of resilience despite challenges like the California wildfires.

Key takeaways from the report include:

• The 2025 outlook remains positive, supported by historically strong—though moderating—underwriting results.
• Growth is expected to slow, but profitability should remain stable. However, the potential for loss-cost shocks remains.
• Industry return on equity (ROE) is projected at 10% for both 2025 and 2026, with investment gains offsetting weaker underwriting margins.
• Premium growth is forecasted at 5.5% in 2025, slowing to 4% in 2026—still considered strong by historical standards.

Read the full 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.