Good morning my dear friend and colleague. How’s the hard market treating you? Tough times, right? But always remember, challenge brings opportunities. So don’t get discouraged. Go get em!

Navigating the challenges of the current hard market can be daunting, but remember that every obstacle is an opportunity in disguise. As insurance professionals, your resilience, adaptability, and unwavering dedication to your clients' needs set you apart.

Embrace the chance to innovate, to find new solutions, and to deepen the trust you've built with your clients. It's in these tough times that your true strength shines through. By staying focused on delivering value, offering empathetic guidance, and leveraging your expertise, you not only weather the storm but emerge stronger and more trusted than ever. Believe in your ability to make a difference, and let that belief guide you to new heights of success.

Now, let’s enjoy another day in the best industry in the world.

Let’s GO!

😱This week’s OMG moment

Ken Brandt, CEO of TransRe, warned of a potential liability crisis in reinsurance within a few years, during a discussion at the 40th Annual Insurance Conference. He highlighted the significant liability losses emerging from past accident years, particularly from 2014 to 2019, which have exceeded worst-case scenarios. Brandt noted that the U.S. casualty market is the primary concern for the industry, with difficult renewal negotiations underway due to unexpectedly high losses. While initial corrective measures in 2019 and 2020 improved terms and pricing, early claims from 2020-2022 are concerning, raising doubts about their profitability. Brandt emphasized that the casualty reinsurance market, especially in the U.S., is at an inflection point and may require further pricing adjustments to address ongoing trends. He also noted that recent reserve charges by some reinsurance companies might indicate broader industry challenges, suggesting the issue is not isolated. We’ll keep an eye on this to see how the our industry makes adjustments and adapts.

👀LOOKING FOR CARRIERS, MGAs, PEOs, AND CAPTIVES

PRESENTED BY CYBER MADE SIMPLE

🫱🏼‍🫲🏼For Insurance Agents

📰CyberFin gives you a FREE whitepaper on How to Avoid The Risks Cyberattacks Against Insurance Agencies. You can download it HERE. You can also reach out to them here to get a FREE Cybersecurity Assessment for your insurance agency.

👨‍👩‍👧‍👦Do you want your team to quote life insurance in seconds? Do you want your clients to quote life insurance in seconds? If this is the case, BackNine Insurance is your solution. BackNine is a FREE life insurance InsureTech that gives you direct access and appointments to multiple carriers in every State and Puerto Rico. Sign up with BackNine HERE and start enjoying the beauty of quoting and applying for life insurance in seconds. Oh, and remember to tell them that you are part of the Fun Family 😉.

⚙️Inchanted launches the first forms and content management system to operate natively on Apple iOS, Android, and Windows as a true mobile solution.

🌟Motivation

📝Beloved friends and colleagues, as insurance professionals, we are the pillars of security and trust in our communities. Every policy we write, every claim we handle, and every client we support, we are making a profound impact on people's lives. In these challenging times, remember that your dedication and expertise are more valuable than ever. You have the power to provide peace of mind and stability to countless individuals and businesses. Embrace this responsibility with pride, knowing that your work not only protects financial futures but also builds a foundation of resilience and hope. Together, let's continue to innovate, excel, and inspire confidence in all those we serve. Your commitment to excellence is not just a job—it's a mission. Keep pushing forward, for the best is yet to come.

⚙️Technology 

👩🏼‍💻Instead of spending on legacy technology, insurance businesses could invest in modern insurance infrastructure, enhancing client experiences, eco-friendly office upgrades, and high-tech training programs. Additional potential investments include home-office upgrades, wellness retreats, charitable giving, on-site childcare, an office petting zoo, and extreme team-building experiences to foster a more innovative, supportive, and engaging work environment. Check out this great article from Insurance Journal.

💻Accelerate Your Content Creation with Koala AI. Create high-quality SEO-optimized articles in minutes. KoalaWriter, powered by GPT-4, combines SERP analysis with real-time data to create content that ranks. You can get Koala AI for free HERE.

🌎Around the World

⛈️As the 2024 Atlantic hurricane season begins, FloodFlash, an insurtech known for sensor-enabled parametric flood insurance, has introduced a new product offering business interruption (BI) coverage in the U.S. Named Flood BI, the product addresses a significant coverage gap as existing National Flood Insurance Program (NFIP) policies and private carriers rarely provide standalone BI coverage. Flood BI allows for flexible parametric claim payments, ensuring rapid payment within weeks of a flooding event. Policyholders can expect coverage limits up to $5 million per location, with potential increases to $10 million, and a blanket limit of $10 million for multiple locations. Sectors eligible for coverage include hospitality, retail, healthcare, and more. The policy is triggered by pre-agreed water depths measured by FloodFlash’s proprietary sensors. Rich Coyle, FloodFlash's US commercial director, emphasized the necessity of this product, noting that flooding causes billions in uninsured BI losses annually. FloodFlash aims to support a wide range of organizations vulnerable to flooding across the entire U.S.

 😱Eighty percent of India's workforce is in the informal sector, with poor women comprising 90-92% of this group, relying on their homes for economic productivity. Climate risks like heatwaves severely impact these workers' incomes, but the Mahila Housing Trust (MHT), in partnership with Global Parametrics, has developed a Climate Risk Insurance program for women-led credit cooperatives in Gujarat, providing coverage to 26,000 women. This index-based solution aims to improve urban resilience against excessive heat and serves as a scalable, sustainable model for other regions.

😁Fun Fact

🤫Here’s one of my “FUN” Facts: On May 25, 2022, I got to testify before Congress on the National Flood Insurance Program (NFIP) Reauthorization Reform.

📰Non-Insurance Stuff

🤯A class action lawsuit in New York, led by Jenna Marie Duncan, claims Cold Stone Creamery misleads consumers by marketing ice cream flavors like pistachio and butter pecan without containing the actual ingredients. Duncan, who bought pistachio ice cream in July 2022, discovered it contained only artificial pistachio flavoring, not real pistachios. The lawsuit argues this practice deceives customers, comparing it to other brands that use real ingredients. U.S. District Court Judge Gary R. Brown allowed the case to proceed, noting the plausibility of Duncan's claims under New York’s General Business Law. Cold Stone's parent company, Kahala Franchising LLC, argued for dismissal, stating ingredient lists are available online and no store signage claimed specific ingredients. However, the judge highlighted the complexity of consumer expectations regarding product ingredients.

🏢For Insurance Companies & MGAs

🤑Did you know that insurance companies and MGAs are making hundreds of thousands of dollars of additional revenues just by using our Cyber and ID Theft policies in their portfolios? Awesome! Right?

Think about this: 1️⃣Policy + 1️⃣Premium + ❌No Underwriting + ❌No Filings (it’s already filed and approved) = ♾️Infinite Possibilities.

🔒Want to learn more about the Cyber Risk Purchasing Group (cyer liability policy) that could transform your commercial portfolio?

Fill out our quick form below and let’s work together to achieve more.

Today is the day for YOU to shine. We have room to add 5 new carriers and 3 new MGAs to our Cyber and ID Theft programs.

😂Insurance Meme of the Week

Do you have a funny insurance meme you would like to share? Send it over to us and we will gladly share it in our next newsletter. You will get the credit, of course 😉.

From the bottom of my heart, THANK YOU for being part of our Fun Family.

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I appreciate you,