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Big I Buzz - November 13, 2024

Posted By Kim Fiene, Wednesday, November 13, 2024

 

Happy Wednesday! In this week's Big I Buzz: a New York man was charged with insurance fraud in a staged car crash captured on dashcam footage. Plus, a look at how the election could bring changes to the P/C insurance sector.


NYC Man Charged With Insurance Fraud in Staged Car Crash Captured By Dashcam

A New York City man was recently charged with staging a car accident in Queens to commit insurance fraud. The alleged incident, captured on dashcam footage that went viral, involved the suspect's vehicle cutting off another driver and then intentionally reversing into her car. The suspect was arrested upon returning to New York from Ecuador, while authorities are still searching for other accomplices. He faces multiple charges, including reckless endangerment and insurance fraud, to which he has pleaded not guilty. Read more here.

 

Election Could Bring Change to Property/Casualty Insurance Sector

The recent elections could lead to changes in the property/casualty insurance landscape as new policies emerge at both state and federal levels. The American Property Casualty Insurance Association (APCIA) aims to push federal legislation on third-party litigation funding transparency, while state-level tort reforms may continue. Experts suggest that Trump's potential tariff policies could increase repair costs for insurers, affecting premiums. Meanwhile, mergers and acquisitions may benefit from a stable tax environment, though challenges with foreign partnerships may arise. 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.

Tags:  big i buzz  insuring Wisconsin  wisconsin independent insurance agent association  wisconsin independent insurance association  wisconsin insurance  wisconsin insurance agency help  wisconsin insurance association  wisconsin insurance blog 

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Big I Buzz - October 21, 2020

Posted By IIAW Staff, Wednesday, October 21, 2020

On this week's Big I Buzz, we are discussing our upcoming Agency Leadership Webinar, the second round of We're All In Small Business Grants and how COVID-19 is impacting U.S. homeowners.

Agency Leadership Webinar Series: State and Federal Election Preview

Join us tomorrow at 10 a.m. as IIAW Government Affairs, Misha Lee and IIABA's Charles Symington give us a preview of the state and federal election. You'll get a peek at some of the election predictions and how those may affect the industry. 

We're All In Small Business Grant

Applications are now open through November 2 for the second round of We're All In Small Business Grants. The grants are available to all eligible small businesses, including those who have previously received the first round of We're All In Grants from WEDC. Priority will be given to businesses hardest hit by the pandemic, such as restaurants and taverns, hair and nail salons and barber shops, and other services. 

Eligibility requirements: 

• be a Wisconsin-based, for-profit business; 

• in 2019, have had 75% or more of company labor costs in Wisconsin and 75% of their assets in Wisconsin; 

• earn more than $0 and less than $1 million in annual revenue (gross sales and receipts); 

• have started operating prior to Jan. 1, 2020 (seasonal businesses should use the highest total FTEs employed during the season); and 

• have filed their 2019 taxes.

To apply, visit revenue.wi.gov. Applications will be accepted until 11:59 p.m. on Monday, November 2. 

New Study Reveals COVID-19 Impact on U.S. Homeowners

A new study from Hippo Insurance and SimpliSafe has found that most Americans (78%) feel a deep lack of security concerning their current situation while over a third (39%) are far more insecure about their financial situation than they were at the beginning of the year. 

According to NU Property Casualty 360, "More than half of homeowners in the U.S. (55%) say the importance of protecting their financial value of their home is more pressing today than when they first bought their house. The study also revealed two in five American homeowners (42%) indicate that they will spend more time at home compared to last year, even when economies reopen following the pandemic. With all this time spent at home, it makes sense that 57% of homeowners prioritized home improvement during the first three months of COVID-19 crisis and continue to place an emphasis on making their homes a place where they want to stay."

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! 

 

Tags:  Big I Buzz  independent insurance agents  insuring wisconsin  wisconsin independent insurance agent association  wisconsin insurance association  wisconsin insurance blog 

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