Happy Wednesday! In this week’s Big I Buzz: a Wisconsin contractor is fined for acting as a public adjuster, and climate risk remains a growing concern across the insurance industry.

Wisconsin Contractor Fined for Acting as a Public Adjuster

Wisconsin Insurance Commissioner Nathan Houdek issued a final decision imposing $6,000 in civil forfeitures after determining that a contractor acted as a public adjuster under Wisconsin law. This subjected the contractor to the standards outlined in Wis. Stat. ch. 629, which he violated through prohibited and fraudulent practices.

The contractor’s business model combined home repair services with “claim assistance” through assignments of benefits, which violated state law. Under Wis. Stat. § 629.10(3), individuals acting as public adjusters cannot have a financial interest in the subject of a claim beyond the compensation established in their contract. Read more here.

Most Insurance Execs Fear the Industry Isn’t Ready for Climate Risk

A new study from ZestyAI found that the insurance industry remains unprepared for climate-driven risks, even as natural disasters become more frequent, severe, and costly. According to the report, 61% of insurance executives believe the industry is not adapting quickly enough to climate-related threats.

Many insurers continue to rely on traditional actuarial and stochastic models, which were built for more stable conditions and fail to reflect today’s complex, property-specific loss patterns. ZestyAI’s leadership emphasized that the industry must evolve its risk modeling to match the realities of a changing climate and that AI-driven, property-level models can provide more accurate insights, improve transparency, and help all stakeholders strengthen resilience. Read more here.

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