Happy Wednesday! In this week's Big I Buzz: what to expect for the 2025 tornado season. Plus, a look at how tariffs will impact the insurance industry.

What's In Store for the 2025 Tornado Season?

With spring just around the corner, now is the time to prepare for the possibility of severe weather. In 2024, the U.S. recorded its second-highest number of tornadoes in a single year, with 1,855 confirmed twisters. As spring arrives, severe weather is expected to ramp up again, with AccuWeather predicting that regions outside traditional Tornado Alley may continue to face the worst of these storms. A high-pressure system over the Southwest could suppress thunderstorms in the Plains, while unusually warm Gulf waters may fuel severe storms and tornadoes in the Mississippi Valley.

Looking ahead, thunderstorms are expected to become more widespread in May, impacting the Midwest, mid-Atlantic, and Tornado Alley. Additionally, derechos could pose an increasing threat from late spring into summer. However, overall tornado activity is projected to be lower than in 2024, with an estimated 1,300 to 1,450 twisters this year, including 75 to 100 in March, 200 to 300 in April, and 250 to 350 in May. Read more here.

Tariffs Will Negatively Affect Insurance Industry, Says AM Best

AM Best analysts warn that proposed U.S. tariffs on imports from Canada, Mexico, and China could negatively impact the insurance industry, particularly homeowners’ and auto insurance. A senior director at AM Best highlighted that supply chain disruptions in the auto sector could drive up repair and replacement costs, posing a financial challenge for insurers. Modern vehicles, equipped with advanced technology, are already expensive to fix, and tariffs may further inflate those costs.

Similarly, the homeowners’ insurance market could see rising expenses as tariffs increase the cost of building materials like lumber. As a result, replacement costs are expected to increase. 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: It's Flood Safety Awareness Week in Wisconsin—get tips to stay prepared. Plus, a reminder from the U.S. Department of Agriculture about upcoming crop insurance deadlines.

Wisconsin Flood Safety Awareness Week - February 24-28, 2025

Flooding is one of the most frequent and destructive natural disasters, impacting individuals, families, and communities across Wisconsin. Understanding the risks and taking proactive steps can make all the difference in staying safe. To promote flood preparedness, Governor Tony Evers has declared February 24-28 as Flood Safety Awareness Week in Wisconsin. Stay prepared by:

• Checking your sump pump to ensure it’s functioning properly.
• Identifying flood-prone roads and planning alternate routes.
• Elevating items in your basement to prevent damage.

Get more tips here.

USDA: Upcoming Crop Insurance Deadlines

The U.S. Department of Agriculture (USDA) is reminding agricultural producers that deadlines to apply for or modify crop insurance coverage for the 2025 crop year are fast approaching. Sales closing dates vary by crop and location, with key deadlines on Feb. 28, March 15, and April 15. Federal crop insurance is a vital tool for managing revenue risks, offering options like Whole-Farm Revenue Protection and Micro Farm coverage. Producers are encouraged to review their policies and meet with their crop insurance agents to ensure they have the right coverage in place. 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: Five ways to prepare for the end of the hard market, plus tips for overcoming hesitancy in life insurance sales.

5 Ways to Prepare for the End of the Hard Market

For quite some time, the hard market has made it challenging for agents to secure affordable coverage for their clients—when coverage was even available. Now, there are signs that conditions are improving. With the market shifting, insurance agencies should focus on positioning themselves for long-term success. The steps taken today will play a key role in how well they navigate the soft market cycle that lies ahead. Read more here.

Overcoming ‘I Need to Think About It’ in Life Insurance Sales

Few things frustrate salespeople more than hearing, “I need to think about it.” For many life insurance agents—especially those who are new or part-time—this is one of the toughest objections to overcome. In some ways, it can feel even worse than a flat-out “I’m not interested” because at least then, you know where you stand. A successful sales call should build momentum, much like a snowball rolling down a mountain—starting small, gaining speed, and becoming unstoppable. But if that snowball isn’t packed tightly from the start, it’s more likely to crumble along the way. Learn how you can set yourself up for success from the very beginning of your sales presentation. 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: Workers’ comp sees an increase in advanced medical practitioners. Plus, the pet insurance market continues to grow.

Comp Sees Increase in Advanced Medical Practitioners Treating Workers

The workers' compensation industry has seen a growing reliance on nurse practitioners and physician assistants for initial medical visits, largely due to physician shortages. According to a Workers Compensation Research Institute report, physician-led first visits dropped from 81% in 2013 to 60% in 2022, while visits with physician assistants and nurse practitioners nearly doubled. Despite provider shortages, the report found minimal impact on claim costs, disability duration, or types of care provided. The use of advanced practitioners varies by state, with higher reliance in Indiana, Nevada, New Mexico, and North Carolina. Rural areas also saw an increase, with nurse practitioners handling 26% of first visits in 2022. Read more here.

Growth of Pet Insurance Continues as Market Could Reach $4.5B

The pet insurance industry has experienced significant growth, with premiums reaching over $3.4 billion in the first three quarters of 2024 and projections suggesting a total of $4.5 billion for the year. This surge is attributed to rising veterinary costs and an increase in pet ownership; for instance, U.S. households owned 87.9 million dogs and 73.8 million cats in 2024. Notably, pet insurance now accounts for about 10% of the inland marine insurance market. However, the sector faces challenges due to escalating veterinary expenses, leading some insurers to adjust their policies. The market remains concentrated, with the top 10 insurers holding 90% of the market share. 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: insurance leaders and lawmakers work on California wildfire relief. Plus, a high-stakes battle over the Affordable Care Act.

Insurance Leaders, Lawmakers Working on California Wildfire Relief

California’s recent wildfires are driving swift action from lawmakers and insurance leaders to protect affected homeowners. Insurance Commissioner Ricardo Lara issued a one-year moratorium preventing insurers from canceling policies in wildfire-impacted areas and proposed a grant program to help low-income residents reduce wildfire risks with fire-resistant roofs and defensible space.

Lawmakers also introduced the FAIR Plan Stabilization Act to strengthen California’s insurer of last resort by issuing catastrophe bonds. Analysts estimate insured losses from the wildfires could hit $30 billion, with most from homeowners’ policies. Despite the losses, industry leaders say insurers have the capital to cover claims and see the crisis as a potential turning point for reform. Read more here.

SCOTUS Agrees to Hear Challenge to Obamacare’s Preventive Care Coverage

The Supreme Court will take up a significant case challenging the Affordable Care Act’s preventive care coverage in its upcoming term. This marks the latest chapter in ongoing legal battles surrounding the health reform law.

If the court sides with the Texas-based employers who brought the case, it could weaken protections for millions of Americans by allowing insurers to stop covering preventive services like birth control, vaccines, and mental health screenings at no out-of-pocket cost. Read more here.

Trusted Choice Relief Fund

The Trusted Choice Relief Fund is accepting donations and grant applications to help those affected by the recent wildfires in the Los Angeles area. According to the latest reports, the fires have burned over 45 square miles, forcing 179,000 to evacuate. Officials report at least five deaths, 1,300 structures destroyed, and 60,000 more at risk as strong winds fuel the flames in densely populated areas of Southern California.

The Trusted Choice Relief Fund is available to provide financial assistance to insurance industry personnel impacted by these wildfires. Whether you're looking to donate to help agents or are seeking financial assistance for recovery, the Trusted Choice Relief Fund is here to provide critical support. Learn more and donate 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.