February 2025 Newsletter

 

2025 Big I Day at the Capitol

Another I Day is in the books! This event was a resounding success, bringing together industry professionals, legislators, and advocates for a day of meaningful engagement and collaboration.


The day commenced with a networking breakfast, providing attendees the opportunity to connect and discuss pressing industry issues. This set the stage for productive conversations throughout the event.


One of the key aspects of Big "I" Day is the chance to meet directly with legislators. Participants engaged in insightful discussions, sharing perspectives and advocating for the interests of independent insurance agents. These interactions are vital in shaping policies that impact our industry and clients.


Beyond the formal meetings, the event offered ample opportunities for networking among peers. Attendees exchanged ideas, shared experiences, and forged stronger relationships, reinforcing the unity and strength of our community.


We extend our heartfelt thanks to everyone who attended and contributed to the success of Big "I" Day at the Capitol. Your participation underscores the collective commitment to advancing our profession and ensuring a robust future for independent insurance agents.


Thank you to WV Insurance Commissioner Allan McVey, WV State Treasurer Larry Pack, WV Insurance Federation Chairman Jim Dodrill, Senators Jason Barrett and Ben Queen and Delegates John Paul Hott and Sean Hornbuckle.


Below are some photos capturing some of our fantastic speakers and attendees!


West Virginia State Capitol Building - Charleston_ WV

West Virginia News

WV Board of Treasury Investments Approve Policy to Divest Funds from China Owned Companies

The West Virginia Board of Treasury Investments have passed a policy Tuesday that would divest funds from China.


As Officials Dive into State Budget, Financial Pressures Converge

There are known knowns, unknown unknowns and then there’s the West Virginia state budget.


Morrisey Says His Aim as Governor is Economic Growth

Governor Patrick Morrisey says West Virginia could become the country’s leading energy and economic driver if our state’s resources and workers are pulled together in the right direction.


Big I On the Hill

Bipartisan Bill Incentivizes Disaster Mitigation 

On Friday, Jan. 31, the “Disaster Mitigation and Tax Parity Act of 2025" was reintroduced in the U.S. Senate. Original cosponsors of this bipartisan legislation are Sens. Thom Tillis (R-North Carolina), Alex Padilla (D-California), Bill Cassidy (R-Louisiana) and Adam Schiff (D-California). The Big “I" applauds these senators for acting while many parts of the country are recovering from unprecedented floods and wildfires.



2025 Big ‘I’ Legislative Conference: Registration Now Open  

Registration for the 2025 Big “I" Legislative Conference is now open! The premier event for independent agents will take place April 30-May 2 at The Westin Washington, D.C. Downtown Hotel. 


Register and attend for your opportunity to join other agents and speak to legislators in a unified voice. 


P&C Industry Results Improve Despite 2024 Underwriting Loss

U.S. property & casualty insurers posted an underwriting loss of $2.6 billion for 2024, a significant improvement from the $24.6 billion underwriting loss recorded in 2023, according to AM Best. Additionally, the estimated combined ratio for 2024 was 98.9, an improvement from 101.9 for 2023.


Half of Midsize Businesses Feel Unprepared for Risks, Says Nationwide Survey

U.S. middle-market businesses are most concerned about economic and financial risks, regulatory changes, technological disruptions and labor shortages—and only 54% feel highly protected against these threats, according to a Nationwide Agency Forward survey.


Reconstruction Costs Up 60% Since 2014

Reconstruction costs for residential and commercial properties have surged over 60% in the past decade, according to a report released by Verisk. The analysis, using data spanning from October 2014 to October 2024, highlights substantial cost increases driven by inflation, labor shortages and supply-chain disruptions. However, projections for early 2025 suggest a return to pre-pandemic growth rates.


How Often Should AMS Data Backups Occur?

Q: An agency wants to prepare as best as possible for the possibility that its agency management system (AMS) goes down for an extended period of time, such as after a natural disaster or cyberattack. What best practices are recommended for maintaining access to AMS data? Should the agency be running and downloading weekly reports? 


Why Agencies Are Paying More for E&O Coverage at Renewal

Seventy-three percent of independent insurance agencies saw an increase in their agency errors & omissions renewal premium in 2024, according to Insurance Journal's annual “Agency E&O survey," which polls buyers of the coverage on pricing and market trends. This is up from 2023, when 64% of respondents saw increases in their E&O renewal premiums, and 2022, when 71% reported increases.


How to Explain the Homeowners Market to Your Clients

The U.S. homeowners insurance market commenced 2024 in a state of flux. New policies experienced an average premium increase of 17.4% and homeowners who renewed their insurance in 2024 paid about 69% more, or an extra $865 yearly, according to Matic, an InsurTech platform. By mid-year, the rate of premium rises had started to slow down, with the average rise dropping from 10.7% in the first half of the year to 6.6% in the second half.


BIG I WV LEADERSHIP


Suzette Raines Ashley, President

Ashley Insurance Agency, LLC


Chris Parker, Vice President

Ferrell & Hill Insurance Agency


Anthony Deal, Treasurer

Insurance Centers


Chad Nuzum, Immediate Past President

Hood Insurance Group, LLC


Terri Dodrill, State National Director

McGriff Insurance Services


Brady Campbell, Young Agents Chair

Mountain State Insurance Agency


Traci Nelson, Chief Executive Officer

 

DIRECTORS

Michael Winter

Bray & Oakley Insurance Agency


Beth Bailey

Bill Bailey Insurance Agency


Mike Cvechko

Cvechko Insurance Services


Charlie Robinson

Assured Partners dba Insurance Systems


Nick Dyer

Blueridge Risk Partners

From the President


Dear Members,


I hope this message finds you well. I want to extend my heartfelt gratitude to everyone who attended the Big I Day at the Capitol last week. I understand it was a wonderful event filled with meaningful discussions and networking opportunities.


Regrettably, I was unable to attend due to illness, but I was there in spirit and have heard many positive reports about the day's proceedings.

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I would like to express our sincere appreciation to the distinguished speakers who contributed their time and insights to the event:

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  • West Virginia Insurance Commissioner Allan McVey: Your expertise and dedication to our industry continue to guide us toward excellence.​
  • West Virginia State Treasurer Larry Pack: Your commitment to fiscal responsibility and support for the insurance sector are invaluable.​
  • Senators Jason Barrett and Ben Queen: Your legislative perspectives enrich our understanding and advocacy efforts.​
  • Delegates John Paul Hott and Sean Hornbuckle: Your engagement and support help us navigate the complexities of our industry.
  • ​

Your participation made the event a resounding success, and we are grateful for your continued support.

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The event provided an excellent platform for our members to connect with legislators and discuss critical issues, including Liquor Liability Legislation and legislation to repair the issues with BRIM.


These discussions are vital as we work together to shape policies that benefit both our industry and the communities we serve.

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Looking ahead, many of you will be attending the Young Insurance Professionals event at Snowshoe this week. This gathering promises to be a fantastic opportunity for networking, gaining valuable insights, and, of course, enjoying some skiing. I encourage all attendees to make the most of this event, fostering connections that will strengthen our professional community.

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As independent agents, this time of year presents unique challenges and opportunities to demonstrate our commitment to our clients. The winter months can bring about various risks, including weather-related incidents. It's imperative that we proactively reach out to our clients, ensuring they understand their coverage and feel supported. By doing so, we not only uphold our professional responsibility but also build trust and loyalty that will endure.​

In closing, I want to thank each of you for your dedication and hard work. Together, we continue to advance our profession and provide exceptional service to our clients.

 

Sincerely,


Suzette Raines Ashley

President