We hope everyone enjoyed their Fourth of July weekend! Now that we're back, we're ready to jump into this week's Big I Buzz. In this week's edition, we are discussing the Mid-Year 2021 Commercial P-C Outlook, why Disney was sued by an insurer and the shrinking population of working-age people. 

Mid-Year Commercial P-C Outlook: Hard Market Pressure Continues

Challenges like COVID, catastrophic weather and other market pressures are exacerbating market challenges across all commercial property-casualty lines of business. According to the Big I, the report states the following:

• Rates for primary layers of cyber insurance are up 25% to 50%

• D&O saw second-quarter premiums increase between 10% to 50% due to the continued economic uncertainty in the wake of COVID-19. 

• Workers compensation appears to be performing well in most US states with rates either decreasing 10% or seeing an increase of up to 5% on average for guaranteed cost workers comp line or remaining flat or increasing by up to 5% for workers comp loss-sensitive programs. 

Read more about the report here. 

Disney Sued By Insurer

Fireman's Fund Insurance Company, a US subsidiary of Allianz,  is suing Disney stating that they are unable to pay for the "second wave" of claims on delayed film and TV productions. According to Insurance Business, "In the complaint, the insurer explained that it is not disputing insurance claims made by Disney during the "first wave" of COVID-19 shutdowns in March 2020. Rather, the insurer noted that it should not have to cover the "second wave claims that happened after film and TV shooting was allowed to resume in California and other regions." Read more about the lawsuit here. 

Employers Must Contend with Shrinking Population of Working-Age People

Throughout the last year, the number of working age people shrank. The Census Bureau estimates that the U.S. population ages 16 to 64 fell 0.1% in 2020 - "a scant drop but the first decline of any kind after decades of steady increases. It reflected a sharp fall in immigration, the retirements of the vast baby boom generation and a slowing birth rate. The size of the 16-64 age group was also diminished last year by thousands of deaths from the coronavirus," according to Insurance Journal.

The Federal Reserve Bank of Dallas states that 2.6 million people who were working before the pandemic now say that they're retired and not looking for a new job. Sharp gains in stock prices and home values, despite the deep pandemic recession, made it easier for many older Americans to leave the workforce early. 

Economists worry that sluggish population growth could mean less consumer spending and a less dynamic economy. Read more from Insurance Journal 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. We hope that everyone has a great rest of their week!

Happy Wednesday! In this week's Big I Buzz, we are discussing four reasons to register for InsurCon today, Illinois' plan to verify vehicle insurance and the rise in fraud attempts against financial services.

Four Reasons Why You Should Register for InsurCon Today

1. FREE CE Credit Voucher

Included with all InsurCon registrations, you'll receive a voucher good for 6 FREE CE credits (a $144 value)! Attendees can then redeem their free CE courses online in the comfort of their own homes through the IIAW and ABEN. Once you receive your credit voucher at registration of InsurCon, you can redeem your credits through November 30, 2021. 

2. Time to Reconnect

2020 was a long year to be apart, and now is the perfect time to reconnect with everyone! The Kalahari's new convention center offers plenty of space for us to connect safely. We will be following all safety guidelines outlined by the Kalahari, the Wisconsin Department of Health Services and the CDC. 

3. Exhibitor Showcase

Our annual Exhibitor Showcase will be held on Wednesday, August 11th. New to InsurCon2021, we will be playing Blackout Bingo! Connect with the exhibitors, and earn awesome prizes! The more exhibitors you visit, the greater the chance to win BINGO! 

4. Keynote Speakers

Our speakers include industry experts, marketing gurus and technology geniuses. First, our keynote speaker, Joe Theismann will highlight his strategies for handling unforeseen change. e can't think of a better topic to discuss at this year's convention!  You will not want to miss all of the great information that Beth Ziesenis has to share about finding the best bargain technology tools for work and home. As we continue to move forward in this post-COVID world, you can apply Beth's insights to your work situation, whether that's in-person, remote or hybrid! Lastly, but definitely not least, join us to hear from Bill Pieroni, President & CEO of ACORD. Bill's expertise revolves around digitization, change management and the strategic and capability imperatives for high performance in the insurance industry.

Now, it's time to register! Head to iiaw.com/insurcon to save your spot today, you have so many reasons not to miss this event! We can't wait to see you August 10-11 at the Kalahari Resorts & Convention Center for InsurCon2021.

Illinois Isn't Playing Games, Will Randomly Verify Vehicle Insurance Starting Next Month

Illinois' Secretary of State will be launching a new program to check for proof of insurance without drivers knowing it. While drivers who don't already have insurance are already at risk for fines, on July 1, 2021 there will be a new program verifying valid insurance. The program, Illinois Insurance Verification System, or ILIVS, will allow the Secretary of State's office to randomly verify valid insurance for Illinois vehicle owners, according to Rockford-based radio station, Q98.5. If a driver's vehicle is flagged, drivers will face fines and suspensions if their vehicle pops up uninsured. If a vehicle is flagged, the Secretary of State asks that the customer's insurance company will need to confirm that the vehicle owner has auto insurance on the verification date mentioned  through the Illinois Insurance Verification System. According to Q98.5, "If you are unable to prove your vehicle is properly insured, you will face license plate suspension along with a $100 reinstatement fee."

TransUnion: Fraud Attempts Against Financial Services Rise 149%

A new TransUnion Report has found that global digital fraud attempts against financial services spiked 149% compared to the last four months of 2020. According to NU Property Casualty, "In the U.S. specifically, financial services fraud attempts increased 109%, the global information and insights company said. The top type of fraud targeting financial services was true identity theft, which TransUnion defined as when a consumer uses a stolen identity to commit fraud, with the victim being a real person. For the insurance industry, suspected ghost broker fraud was the top type of fraud TransUnion detected during the research period." Read more about 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. We hope that everyone has a great rest of their week!

Happy Wednesday! This week we are discussing what information the hackers needed to disrupt the Colonial Pipeline, how to celebrate National Dairy Month in Wisconsin and recent growth in the RV industry. 

Hackers Only Needed a Single Password to Disrupt Colonial Pipeline, CEO Testifies

According to Reuters, hackers gained access to the Colonial pipeline system by stealing a single password. Their system have multi-factor authentication in place, something that may have helped in preventing the ransomware attack. 

According to Insurance Journal, "The Justice Department said it had recovered some $2.3 million in cryptocurrency ransom paid by Colonial Pipeline. Bitcoin seizures are rare, but authorities have stepped up their expertise in tracking the flow of digital money as ransomware has become a growing national security threat and put a further strain on relations between the United States and Russia, where many of the gangs are based."

Celebrating National Dairy Month in Wisconsin

Welcome to National Dairy Month - a celebration of the farmers who help define Wisconsin and makes Wisconsin, America's Dairyland. Wisconsin dairy farmers have dedicated their lives to feeding communities across the state, country and globe. The Dairy Farmers of Wisconsin have put together ways that you can celebrate National Dairy Month by pulling information on some of the families behind the Wisconsin dairy industry, summer dairy recipes and a list of events to celebrate! You can visit the Diary Farmers of Wisconsin here. 

How the Stars are Aligning for Independent Agents and RV Insurance

The outdoor recreation market has taken off exponentially over the past year. Outdoor recreation offered a safe way to get outside and many people saw RVs as a convenient and fun way to enjoy themselves during a time when the world was hunkered down by COVID-19. 

According to the RV Industry Association 2021 Owner Demographic Profile, "RV Ownership increased over 62% in the last 20 years with a record 11.2 million RV-owning households, split almost equally between those over and under the age of 55, with significant growth among 18-to-34-year-olds, who now make up 22% of the market."

With growth in the market, there is a clear opportunity for independent agents to provide coverage in a marketplace that is continuing to expand. You can read more about how the stars may be aligning for the RV industry and independent agents 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. Don’t forget you can stay up-to-date on other industry news as its happening on our Online Community. You can join the Online Community (exclusive to IIAW members)  here . We hope that everyone has a great rest of their week.

Happy Wednesday! In this week's Big I Buzz, we are discussing how the Wisconsin Tomorrow Small Business Recovery Grant, how wolves are decreasing auto collisions and how to improve your social media skills. 

Wisconsin Tomorrow Small Business Recovery Grant

The Wisconsin Tomorrow Small Business Recovery Grant program will award $420 million to small businesses impacted by the COVID-19 pandemic. Applications opened Monday, May 24 at 8 a.m. and applications will close at 4:30 p.m. on Monday, June 7th. Grant amounts are expected to be $5,000 per eligible applicant. The Wisconsin Department of Revenue will issue payments by June 30. Grant money can be used for any business operating costs, including but not limited to wages and salaries, rent, mortgages, and inventory, and/or for health and safety improvements. Independent agencies are encouraged to apply.

To assist our members in bringing this important grand to the attention of their clients, the IIAW has created customizable resources for you to share. Click here for an easy-to-follow PDF with information about applying for the grant and grant eligibility. If you would like this PDF to be customized with your logo and contact information, please email kaylyn@iiaw.com. 

Wolves Scare Deer and Reduce Auto Collisions 24%, Study Says

A new study from UW-Madison has found that the presence of wolves is decreasing deer-vehicle collisions. A 2008 study by the U.S. Department of Transportation found that deer-vehicle crashes cost more than $8 billion annually. Dominic Parker, a natural resources economist at UW-Madison and co-author of the UW-Madison study  stated, "In a pretty short period of time, once wolves colonize a county, deer vehicle collisions go down about 24%. " Both thinning of the deer population by wolves and behavior changes in fearful deer are factors in the collision drop-off, according to Parker. "When you have a major predator around, it impacts how the prey behave. Wolves use linear features of a landscape as travel corridors, like roads, pipelines and stream beds. Deer learn this and can adapt by staying away." You can read more about how wolves are keeping deer away from the roads here.

5 Ways to Improve Your Social Media Skills

Social media allows you to stay connected to customers, no matter where you are they are located. IIABA has listed these 5 fives to help you create an effect social media strategy: 

1. Select the appropriate social media channel for your audience. For example, Facebook is known to reach users between 35-65. Twitter is a great option for reaching the millennial audience (plus it's an excellent option for agents who would like to post shorter, more frequent updates. LinkedIn allows agents to establish a professional brand and provide industry insights to decision-makers, prospective customers and peers, according to IIABA. 

2. Build a social media following. Building your audience will take time, however, you can add your social links to your email signature and include your social links on printed and virtual marketing materials. 

3. Share interesting and informative content. Remember to share content that will resonate with your customers and provide genuine value. In addition to sharing relevant insight on insurance-related topics, such as home maintenance or auto care, customers will appreciate engaging and informative consent, such as helpful seasonal reminders and safety tips. Don't forget to follow the IIAW on our Facebook, LinkedIn and Twitter to see all the content that we are posting that you can in turn share with your followers! 

4. Find the right posting cadence. According to IIABA, "Consistency is key when it comes to communicating on social media. It is important to determine when your customers are most active on social channels, while also determining the amount of time they can realistically spend on social media marketing." Consider reviewing the insights on your social posts weekly to determine what time each post is the most engaged. You can use scheduling options like Buffer, Hootsuite and Later.com to schedule posts ahead of time! 

5. Utilize online resources. Don't be afraid to read blogs, tutorials and FAQs to access a wealth of additional tips and step-by-step assistance in creating your effective social media strategy.

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. Don’t forget you can stay up-to-date on other industry news as its happening on our Online Community. You can join the Online Community (exclusive to IIAW members)     here . We hope that everyone has a great rest of their week.

Happy Wednesday! In this week's Big I Buzz, we are discussing how the Wisconsin DMV is looking to adjust their road test, the latest updates in the CDC COVID-19 recommendations and why nearly 800 residents of French Island are planning to sue the city of La Crosse, WI. 

Wisconsin DMV Looking to Make Road Test Waiver Program Permanent

The Wisconsin Department of Transportation began to pilot a program that would allow 16 and 17-year-olds to skip the road test requirement in Wisconsin. With over 49,000 waivers being signed since the program started last year, the DMV believes that the waiver option has been beneficial and they're looking to have the program be made permanent. 

According to WEAU, "Instead of actually getting behind the wheel to get their license, parents of the teens can go online and choose to waive the road test for their child. Officials with the Department of Motor Vehicles said teenagers are required to hold a drivers permit for at least six months, required to complete the approved driver education courses with third-party schools or with their high school, and have to log at least 30 hours of driving with their parent or sponsor in a variety of conditions. Then, the teenagers can receive a probationary driver's license online, where distractions are limited in the car by requiring them to only have one person in the vehicle that's not related to them, and then there are limited hours that they can operate the vehicle." Read more here. 

CDC Says: Fully Vaccinated People No Longer Need to Wear a Mask or Physically Distance in Any Settings

On May 13, the CDC made changes to the public health recommendations for fully vaccinated people. The CDC released these recommendations: "

"Fully vaccinated people can: 

• Resume activities without wearing masks or physically distancing, except where required by federal, state, local, tribal, or territorial laws, rules and regulations, including local businesses and workplace guidance

• Resume domestic travel and refrain from testing before or after travel or self-quarantine after travel

• Refrain from testing before leaving the United States for international travel (unless required by the destination) and refrain from self-quarantine after arriving back in the United States

• Refrain from testing following a known exposure, if asymptomatic, with some exceptions for specific settings

• Refrain from quarantine following a known exposure if asymptomatic

• Refrain from routine screening testing if feasible"

In light of the CDC's guidance saying that fully vaccinated people can stop wearing masks outdoors in crowds and in most indoor settings, some businesses are lifting face mask requirements for customers who are vaccinated. This has raised questions about medical privacy, leaving many to wonder whether asking for proof of a COVID vaccine is a HIPAA violation. Multiple news outlets have reported that non-health-care businesses don't violate HIPAA if they ask for proof of a COVID-19 vaccine. HIPAA is applied within people in the medical-related fields, including insurance and medical providers. However, HIPAA doesn't protect personal health information in every situation. According to Kayte Spector-Bagdady, a medical ethics researcher at the University of Michigan, said, "HIPAA only governs certain kinds of entities - your clinician, hospital or others in the health care sphere. It does not apply to the average person or to a business outside health care. It doesn't give someone personal protection against ever having to disclose their health information." 

Nearly 800 Residents to Sue Wisconsin City Over PFAS Contamination

Following contamination of private drinking water wells from chemicals known as PFAS, nearly 800 residents of French Island plan to sue the city of La Crosse, Wisconsin. This could expose the city to up to more than $39 million in claims. 

According to Insurance Journal, "The Wisconsin Department of Natural Resources last year launched an investigation that includes the city of La Crosse regarding contamination on the island stemming from the La Crosse Regional Airport. The DNR flagged two city wells for the presence of PFAS, which have since been taken out of service, Wisconsin Public Radio reported." 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. Don’t forget you can stay up-to-date on other industry news as its happening on our Online Community. You can join the Online Community (exclusive to IIAW members)   here . We hope that everyone has a great rest of their week.