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!

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!

Join the IIAW's Councils and Task Forces Today: s.pointerpro.com/volunteertoserve

The IIAW is looking for volunteers to serve on the IIAW's councils and task forces. Each council and task force will act as a sounding board for the IIAW and will only have three virtual meetings per year. Participation in the IIAW task forces and councils gives you exclusive access to industry experts, exclusive networking events and FREE CE opportunities during most virtual meetings when content allows. 

Opportunities for 2022-2023 include: 

• Personal Lines Task Force - this task force is for individuals interested in or who have a role in Personal Lines insurance

Virtual Meetings from 9 a.m. to 11 a.m. on 10/27/22, 3/2/23 and 7/13/23

10/27 Meeting Topic: Replacement Cost: Determining Values for Personal Lines Customers

• Commercial Lines Task Force - for individuals who are interested in or who have a role in Commercial Lines insurance

Virtual Meetings from 9 a.m. to 11 a.m. on 10/26/22, 3/1/23 and 7/12/23

10/26 Meeting Topic: WC Rate Decrease Overview

• Employee Benefits Task Force - for individuals who are interested in or who have a role in Employee Benefits

Virtual Meetings from 9 a.m. to 11 a.m. on 11/3/22, 3/9/23 and 7/20/23

11/3 Meeting Topic: E&O Claims in Employee Benefits

• Industry Relations & Operations Council - for insurance professionals who have an operational or leadership role within an agency or company

Virtual Meetings from 9 a.m. to 11 a.m. on 11/1/22, 3/7/22 and 7/18/23

10/27 Meeting Topic: Budgeting & Planning for 2023

• Government Affairs Council - for individuals interested in staying informed and providing feedback to the IIAW's Board on Wisconsin and national legislative and political happenings. 

Virtual Meetings from 9 a.m. to 11 a.m. on 10/25/22, 2/28/23 and 7/11/23

10/25 Meeting Topic: Election Preview & Update

• Emerging Leaders - For insurance professionals looking to cultivate their skills for a successful career by engaging in association activities, professional development, education and events

Virtual Meetings from 9 a.m. to 11 a.m. on 11/2/22, 3/8/23 and 7/19/23

11/2 Meeting Topic: Cyber Liability Market Update

We will be hosting a kickoff event on September 21st for the IIAW councils and task forces to plan for the coming year. This meeting is free and open for all interested in joining a task force or council. Make sure you visit the below link to join so you will receive communications regarding this kickoff event and other task forces & councils information. Additional event details to come.

Join the IIAW's Councils and Task Forces Today: s.pointerpro.com/volunteertoserve