Weekly news & updates
June 24, 2021
News Affecting You
KEMI Announces $8 Million Policyholder Dividend
KEMI, Kentucky’s leading workers’ compensation insurance provider, is issuing a dividend of $8.2 million to eligible policyholders. The dividend is a result of proactive management of claims by KEMI and its policyholders.

"Kentucky businesses have shown great resilience following the devastating effects of the global pandemic, and we believe this dividend will further accelerate the economic recovery for our policyholders," said Jon Stewart, president and chief executive officer of KEMI.

Over 13,500 policyholders will receive a dividend payment from KEMI, and the average check per policyholder is $600. To qualify, policyholders must have a current active policy with KEMI and a loss ratio of less than or equal to 65% for the 2018 policy year. Dividend checks will be printed and mailed by KEMI starting on August 3, 2021.

In November 2020, KEMI issued a dividend of $8.1 million and lowered overall rates by 6.4% which resulted in substantial savings for our policyholders. KEMI issued a refund of $6.75 million to the Kentucky School Board Insurance Trust (KSBIT) Workers’ Compensation Fund, bringing the total returned to those schools over the past two years to over $16 million.

KEMI also took over the Kentucky Coal Workers’ Pneumoconiosis Fund in 2017. Further demonstrating our commitment to proactively managing workers’ compensation claims and supporting Kentucky businesses, KEMI anticipates returning an estimated $20 million of excess funds to eligible coal operators. Refund checks will go out by the end of August.

Source: KEMI
Senate Banking Committee Holds Second Hearing on NFIP Reauthorization
Today, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “Reauthorization of the National Flood Insurance Program, Part II." As of press time, the hearing was still ongoing but has covered several important topics, including the structure of the National Flood Insurance Program (NFIP), the need to reauthorize the program, affordability issues, mapping and mitigation, the role of private flood insurance, and last but certainly not least, Risk Rating 2.0.

The sole witness for this hearing was David I. Maurstad, deputy associate administrator for the Federal Insurance and Mitigation Administration at FEMA. In this position, Maurstad has played a leading role in the development of Risk Rating 2.0. Early on in his testimony, Maurstad urged Congress to approve a multi-year reauthorization of the NFIP with meaningful reforms before its scheduled expiration on Sep. 30, 2021.

Source: IA Magazine
7 Major Cyber Insurers Form Company to Coordinate Cyber Analytics, Risk Mitigation
With cyber-attacks and insurance claims on the rise, leading cyber insurers AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance and Travelers have formed a company to pool their data and expertise and take collective efforts to enhance cyber risk mitigation efforts across the insurance industry.

The new entity, called CyberAcuView, will compile and analyze cyber-related data to enhance value and service to policyholders and help insurers sustain a competitive market for cyber insurance.

Source: Insurance Journal
4 Ways to Sell Gen Z on an Insurance Career
Few people would think Generation Z job seekers with ambitions to work for high-profile mega-corporations would be equally interested in a local independent insurance agency. But, with the right positioning, agency owners may be able to tap into what drives talent to these corporations and truly compete for the best and brightest emerging talent.

This new generation of workers, the oldest of which were born in 1997 according to Pew Research, is beginning to hit the job market and continues to set its sights on high-profile employers in the digital and technology fields, according to the latest Glassdoor study. However, some of the same attributes that draw Gen Z candidates to big-name tech employers—rewarding work, flexible hours and good pay—can be used to attract new workers into insurance too.

Source: IA Magazine
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