Happy Wednesday! In this week's Big I Buzz, we are sharing the Wisconsin Annual P&C Marketplace Report for IIAW members and taking a look at how wedding insurance can protect couples from the unknown.

2023 Wisconsin P&C Marketplace Report Now Available

Our Wisconsin Property-Casualty Marketplace Report gives you a deep dive into the insurer industry data for the state of Wisconsin from an independent agent's point of view. IIAW members have access to this report at NO COST. Non-members can purchase the report for $999.

The 2023 report provides the following important information on the Wisconsin P&C marketplace:

• Premiums for All 32 P&C Lines of Business in Wisconsin
• The Top 10 Lines of Business for Independent Agents
• Premium Growth Rates
• Loss Ratios
• Distribution Style Penetration Rates and Trends
• Commission Rates
• Surplus Lines Utilization Rates
• Lists of the Largest Insurers for Each of the Top Lines of Business
• Largest/Highest and Smallest/Lowest State Specific Data

Access the report here.

How Wedding Insurance Helps Launch a Couple's Financial Life

In a recent webinar by the New Hampshire Insurance Department, LuAnne King and Jason Dexter discussed the importance of wedding insurance for protecting against various liabilities and potential financial losses. Wedding insurance needs vary based on the event's specifics and should be tailored accordingly. Consumers are advised to insure engagement rings through homeowner's or renter's policies and obtain venue insurance to cover potential injuries or property damage during the event. Additionally, they highlighted the necessity of travel insurance for honeymoons, particularly for international travel, to ensure adequate medical coverage. It is important to understand policy coverages, exclusions, and working closely with insurance professionals to select appropriate plans. 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 we discuss the billions of dollars in losses U.S. insurers faced due to severe storms in May, and the reclassification of marijuana, including its use in treating workers' compensation and auto injury claimants.

US insurers' losses to reach billions from severe storms in May

Severe convective storms from May 16 to 22, including a derecho, struck Gulf states from Texas to Florida, causing extensive damage and potentially billions in insured losses. The storms, with winds up to 100 mph and hail, broke 2,500 skyscraper windows, tore roofs off homes, and caused major power outages. Additional severe weather impacted the Upper Midwest, with hail damage in Wisconsin on May 18 and strong thunderstorms across Kansas, Oklahoma, and Missouri on May 19, including two EF-2 tornadoes. A major outbreak followed on May 21, devastating Greenfield, Iowa, with an EF-4 tornado. AccuWeather estimated the total damage and economic losses could reach $5 billion to $7 billion. Read more here.

Reclassification of Marijuana is Underway, but Approval for Workers’ Comp and Auto Injuries Will Take Time

The Biden Administration is moving to reclassify marijuana from a Schedule I to a Schedule III drug, following a recommendation from the Department of Health and Human Services. This change would facilitate its medicinal use and help resolve conflicts for employers and insurers regarding workers' compensation and auto injury claims. Reclassification would also allow more rigorous clinical trials and FDA regulation. However, the process will take time, involving a public comment period and judicial review before final approval. 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 we discuss the rise of cybercrime claims in the US, and the 2024 wildfire season forecast.

Cyber Crime ‘A Thriving Business,’ as US Claims Frequency Rises

A new report by Coalition shows that Cyber claims frequency in the U.S. rose 13% last year. The 2024 Cyber Claims Report, which includes data and case studies from organizations across the country, portrays cybercrime as “a thriving business that adversely impacts” the economy. In 2023, there were more than 880,000 complaints sent to the Federal Bureau of Investigation with complaints of cybercrime and reported losses totaling $12.5 billion, according to the report. Although overall claims severity decreased in the latter half of the year, it did not offset a first-half spike driven by increased ransomware claims, the report shows. Read more here.

2024 Wildfire Forecast Calls for ‘Below Average’ Season

AccuWeather's 2024 forecast suggests that the upcoming wildfire season is anticipated to exhibit below-average fire occurrences and acreage consumed compared to historical records. Projections indicate a range of 4 to 6 million acres to be burnt this year, significantly lower than the usual 7 million-acre benchmark. However, fire activity is expected to hover around or exceed typical levels for the number of fires, particularly in Canada, where acreage burned is expected to surpass historical averages. Consequently, air quality deterioration across Canada and the northern United States during summer may pose challenges for outdoor activities, particularly for individuals with respiratory ailments. 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, we discuss the FTC's vote to ban noncompete agreements and the prediction of an active 2024 hurricane season.

FTC Votes to Ban Noncompete Agreements

On Tuesday, the Federal Trade Commission (FTC) voted 3-2 to ban noncompete agreements, which restrict employees from working for competitors or launching rival businesses upon leaving a job. Under the final rule, new noncompete agreements would be banned for all employees, and companies must inform current and former employees that these agreements won't be enforced. Additionally, companies will need to invalidate existing noncompete agreements for most employees, although there's a departure from the initial proposal as these agreements may still apply to senior executives. The U.S. Chamber of Commerce has said it will sue to block the rule. Read more here.

'Extremely Active' Hurricane Season Predicted for 2024

The 2024 hurricane season is forecasted to be exceptionally active, according to forecasters at Colorado State University. Predictions indicate an above-average number of hurricanes and named storms. Factors contributing to this outlook include warmer-than-average sea surface temperatures and reduced wind shear. The increased activity could pose significant risks to coastal communities and industries. Authorities advise preparedness measures and vigilance to mitigate potential damage and ensure public safety. 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, we discuss ways to navigate generational differences in a family-owned agency and how Cloudflare is using lava lamps for secure SSL/TLS encryption.

Navigating Generational Differences in a Family-Owned Agency

In today's dynamic landscape, family-owned insurance agencies must adeptly navigate generational disparities to ensure longevity and success. Recognizing and valuing the distinct viewpoints and values of each generation from Traditionalists to Generation Z is foundational for effective communication and collaboration within the agency. Embracing technological advancements while upholding traditional practices strikes a balance that resonates with both older and younger generations, ensuring relevance and competitiveness. Additionally, implementing robust succession plans facilitates smooth leadership transitions, while fostering an inclusive culture across generations harnesses diverse perspectives for innovation and growth. By prioritizing these strategies, family-owned agencies can not only navigate generational differences but also thrive in an evolving industry. Read more here.

Cloudflare Using Lava Lamps for Secure SSL/TLS Encryption

In a fascinating intersection of technology and security, Cloudflare has unveiled a unique approach to enhancing SSL/TLS encryption. The company utilizes lava lamps as a crucial component of its cryptographic process, relying on the unpredictable motion of the liquid wax to generate random numbers. By incorporating this randomness into its encryption algorithms, Cloudflare strengthens the security of online communications, making it significantly more difficult for cyber attackers to intercept or decipher sensitive data. This innovation not only highlights the creative solutions emerging in cybersecurity but also underscores the importance of leveraging unconventional methods to safeguard digital information in an increasingly interconnected world. 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.