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.

Happy Wednesday! In this week’s Big I Buzz: homeowners premiums are on the rise in every state. Plus, four things your should do if your carrier has been hacked.

Homeowner’s Insurance Premium Rates in Every U.S. State Are Going Up

Homeowners insurance premiums are rising across every U.S. state, with significant increases expected throughout 2025. Factors such as natural disasters, rebuilding costs, and tariffs on imported goods are driving these higher rates, putting pressure on homeowners’ budgets and overall housing affordability. Experts recommend renewing policies early and considering steps to improve home resilience to help manage future premium increases. Read more here.

4 Things You Should Do If Your Carrier Has Been Hacked

Cyberattacks on insurance carriers can disrupt services and expose sensitive client data. If your carrier has been compromised, it's crucial to act swiftly to protect your clients and your agency's reputation. By taking proactive steps, you can mitigate the impact of a cyberattack on your agency and clients. Read the tips on IA Magazine 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: what’s shaping the 2025 P&C market so far. Plus, a closer look at how climate disasters could impact the future of foreclosures.

What to Watch: The Trends for P/C Insurance in 2025 So Far

As we reach the halfway point of 2025, it’s a great time to review the key trends shaping the property/casualty market so far—and consider what may lie ahead. The industry continues to navigate a complex environment marked by economic uncertainty and shifting consumer expectations. Policyholders are increasingly budget-conscious, prompting insurers to rethink engagement strategies and offerings. While the second half of the year remains unpredictable, a few emerging trends are worth keeping a close eye on. Read more here.

Climate Disasters Could Drive Foreclosures to $5.4B Over Next Decade

Foreclosures linked to climate disasters could total $5.4 billion by 2035, up from $1.2 billion in 2025, according to First Street’s 13th National Risk Assessment. The report highlights a 1,580% increase in climate-related costs over the past four decades—reshaping how households, lenders, and investors assess risk. With extreme weather now the leading cause of homeowners insurance claims, mortgage lenders rely heavily on insurance as a safeguard against loan defaults. As risks intensify, so does the financial pressure on both borrowers and the institutions that serve them. 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: how autonomous vehicles are poised to reshape the insurance industry. Plus, a new report reveals that over 250,000 Wisconsinites could lose health coverage under a proposed federal plan.

Goldman Sees Autonomous Vehicles Transforming Insurance World

As autonomous vehicle technology advances, the $400 billion U.S. auto insurance market is poised for major changes. Goldman Sachs predicts that a sharp decline in accidents caused by human error will reduce costs and transform the industry—but key questions around liability remain. Over time, autonomy is expected to significantly lower accident frequency and shift how claims and legal responsibility are handled. With the autonomous vehicle market projected to hit $7 billion by 2030—and virtual driver technology for Class 8 trucks alone estimated at $5 billion—the impact on insurance is just beginning. Read more here.

Sen. Baldwin: Report Shows Bill Will Terminate Health Insurance for Over 250,000 Wisconsinites

A new report, cited by U.S. Sen. Tammy Baldwin, reveals that the House-passed Republican budget proposal would strip Medicaid coverage from approximately 148,000 Wisconsin residents and eliminate enhanced Affordable Care Act tax credits—jeopardizing health insurance for an additional 110,000 families, for a total of 258,396 people across the state. Nationwide, the measure puts coverage for 16 million Americans at risk, including 8.5 million on ACA plans and 7.4 million on Medicaid. Baldwin criticizes the plan as favoring corporate and wealthy interests at the expense of working families, seniors, children, and rural communities. 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.