Main Street Industry News - September 2023 by Cathy Klasi

INSIDE Consumers & Information: More Willing to Share with Insurers » 7 Surplus Lines: Hitting New Premium Record » 14 A New Supply Line Concern: Cargo Theft » 27

September 2023 | Published Monthly

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Did you know that PIA’s company council, The PIA Partnership, has conducted nationwide research about the insurance buying preferences of small business owners? The research is encouraging because it found that small business owners strongly prefer independent insurance agents as they make choices in today’s online world. However, the results also serve as a wake-up call that agents must take steps to continue to demonstrate their value and also be more engaged online. PIA and the companies belonging to The PIA Partnership have created a public website that helps agents understand PIA’s findings. PIA members also have access to a private website containing a series of strategies and tools to help them stay ahead of online competition in commercial lines. To access the newest PIA Partnership project, Small Business Insurance & The Internet — The Voice of the Commercial Lines Customer. If you are not a PIA member and want to access all of the tools available through this program, contact us for a membership application or visit us online at www.pianational.org/header-utility-items/join/Join-PIA.

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Consumers & Information: More Willing to Share with Insurers | 7 Capco does a survey of insurance every two years. The 2023 U.S. Insurance Survey has some shocking news.

2023 Underwriting: A Combined Ratio Worry | 18 The Insurance Information Institute (Triple I) and Milliman took a look at underwriting in 2023. Triple I CIO Dale Porfilio said P&C insurance will end up with a combined net ratio of 102.2.

Burn Out in Insurance, Finance and Manufacturing | 8 Burnout has always been an issue for employees. Just about any business has that as a negative employment factor.

Insurance Mergers & Acquisitions: Dropping in 2023 | 19 Clyde & Co. tracks insurance mergers and acquisitions. It said the number of mergers and acquisitions in insurance fell significantly in the first half of 2023. The number of deals worldwide hit 171.

Distracted Driving — Not Just Texting | 10 A study done by Statista found that 74% of us admit to using our phones while driving. Employment Lawsuits Drop to Lowest Point in a Decade | 12 Employees are always filing lawsuits against employers. Flood Insurance: Private Insurers Picking Up More Business | 13 The National Flood Insurance Program (NFIP) is administered by the Federal Emergency Management Agency (FEMA). Surplus Lines: Hitting New Premium Record | 14 The U.S. Surplus Lines Service and Stamping Offices said the first six months of 2023 saw surplus lines premiums hit close to $36 billion. That’s a 16% jump compared to the first six months of 2022.

A New Supply Line Concern: Cargo Theft | 24 This is what happened in the supply chain in the United States and Canada in the second quarter of 2023.

PIA NE IA EVENTS Upcoming Events Calendar 2023 | 21 Scholarship Golf Outing-October 2, 2023 | 26

TOP STORIES

CONSUMERS & INFORMATION More Willing to Share with Insurers

Capco does a survey of insurance every two years. The 2023 U.S. Insurance Survey has some shocking news. It shows that 89% of insurance customers are willing to share a lot more personal information with insurers than in the past.

we want to protect that we didn’t think much about before COVID. Quality of life and financial fluidity are among them. Lance Levy is Capco’s CEO. He said respondents favored personalized products like: • Long term savings — 80% • Income protection — 79%

The survey says it’s 17% higher than what the global business and technology consultant firm found in their 2021 survey.

• Pets — 74%

The reasons aren’t surprising said Capco’s Ernst Renner. He said people want to maximize savings on premiums and get better services — services that can be directly tailored to their personal needs.

• Home & property — 67%

Surprisingly — he said — those most comfortable with sharing additional personal data were men, people that are married and people with higher-incomes. “The year ahead will be pivotal for building new relationships with consumers through hyperpersonalized offerings, delivered at just the right time in just the right way,” Renner said. “Partnerships between insurers and external parties will facilitate creative solutions in both product scope and market reach. Carriers should be refining the capabilities required to simplify data exchange and the flow of digital interactions across the ecosystems that are now such a strategic focus for the industry. At the same time, they will need to navigate a range of associated technical, security and regulatory challenges that will impact both their legacy portfolio and fresh initiatives.” As we continue to emerge from the pandemic, Capco’s every-other-year survey found major changes in how people think. We have things

• Travel & vacations — 74% • Mobile phones and other gadgets — 68% “US insurers made huge leaps during the pandemic in terms of digital maturation and are now better equipped to drive digital enablement,” Levy noted. “The learnings and innovations from this period will be incredibly valuable as insurers investigate new ways to build truly personalized product offerings for consumers.” Capco found: • 79% consider themselves well-informed about available insurance products • That’s up from 63% in 2021 • Men — 85% — are the most confident in knowing about insurance • High income individuals — 92% • Families with children at home — 87% Capco says the bottom-line of the survey is that insurers have more opportunities to serve under-served populations and people they haven’t thought of targeting before. The company suggests price-sensitive products, insurance educations and support solutions that can be found online. Source: PropertyCasualty360.com

September 2023 | Main Street Industry News | www.pianeia.com | 7

TOP STORIES

BURNOUT

IN INSURANCE, FINANCE AND MANUFACTURING

Burnout has always been an issue for employees. Just about any business has that as a negative employment factor. These days — however — employees in the financial sector (and that includes insurance) are leaving their jobs in droves.

Things are even worse in the insurance sector:

Burnout is being tabbed as reason number-one. A study by the software company, Ringover found that close to 75% of workers in the U.S. are suffering from burnout. Over 64% say they’re considering leaving their current jobs because they’re fried.

•

81.67% of insurance workers are thinking of walking away from their jobs

•

77.24% of telecommunications workers are thinking the same thing

•

75.86% of construction workers are wanting to leave their jobs because of burnout

•

42% are feeling tired and drained most of the time because of work

•

32% say in the past year they’ve felt detached from life and work because of work

Why? •

43% say it’s the heavy workload

•

36.9% say it’s a lack of resources to help with their jobs

September 2023 | Main Street Industry News | www.pianeia.com | 8

TOP STORIES

DISTRACTED DRIVING Not Just Texting

A study done by Statista found that 74% of us admit to using our phones while driving. Texting is generally the villain and often the first thing mentioned when you hear about distracted driving auto crashes. And texting while driving is the main culprit when there is a crash — or is it? Statista found other distractions that top texting and they are distractions that ought to worry all of us. This is really important because 81% of those polled by the company admitted to having been in an auto crash because they're distracted.

Top-5 distractions 1. Weather conditions — 41% 2. Eating or drinking — 33% 3. Dealing with children or pets — 32% 4. Writing or reading a text message — 29% 5. Making or receiving a phone call — 27% A couple of other startling statistics: •

13% of drivers in a distracted driving crash had their autos totaled and written off

•

The average damage cost per distracted driving crashes is $1,505 and change

September 2023 | Main Street Industry News | www.pianeia.com | 10

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Of course, many autos these days have technology that is supposed to help us be better drivers. •

21% of us find that technology is distracting

Maybe the following statistics have something to do with those crashes or maybe not, but the top three vehicles involved in distracted driving incidents are: •

Honda Civic — 8%

•

Toyota Carola — 7%

•

Toyota Camry — 7%

The top states for distracted driving that goes from reading or writing texts to applying cosmetics to daydreaming or vaping or smoking is: •

Arkansas - 33%

•

Idaho - 50%

•

Illinois - 56%

•

Nebraska - 33%

•

North Dakota - 100%

•

Utah - 33%

•

Washington D.C. - 33%

•

West Virginia - 60%

Source: The Burrow

September 2023 | Main Street Industry News | www.pianeia.com | 11

TOP STORIES

EMPLOYMENT LAWSUITS DROP TO LOWEST POINT IN A DECADE Employees are always filing lawsuits against employers. The good news for employers is the number of suits being filed dropped to a 10year low in 2022. Or — to put it as Menlo Park, California legal analytics firm, Lex Machina did in a recent report — the number of suits fell almost 1%. While it isn’t much, it’s still a drop. There were 20,994 suites filed last year. That’s down from 21,092 in 2021. Lex Machina also says the 2022 total is 14.9% below the number of suits filed in 2013.

The question everyone is asking is why. Lex Machina believes the drop is because of an economic climate that is far from certain, the high potential of layoffs and problems still being experienced because of the COVID pandemic. Suits that claim discrimination, retaliation, harassment and violations of the Americans with Disabilities Act (ADA) numbered 13,622 in 2022. That’s a drop of 3.5% from 2021. Source: Business Insurance

September 2023 | Main Street Industry News | www.pianeia.com | 12

TOP STORIES

FLOOD INSURANCE

Private Insurers Picking Up More Business The National Flood Insurance Program (NFIP) is administered by the Federal Emergency Management Agency (FEMA). The implementation of Risk Rating 2.0 is attempting to put the NFIP on equal footing. It has been losing billions the last couple of decades. Risk Rating 2.0 is supposed to make the properties insured by the NFIP actuarily sound. It’s very controversial, and — truthfully — it is not working very well. That’s opened the door for private insurers to pick up new business. That market has grown 24% between 2016 and 2022. The Insurance Information Institute — AKA the Triple I — says during that time period, the private market’s 77 insurers saw business grow to $4.09 billion from $3.29 billion. As of the end of 2022, those insurers accounted for 32.1% of all flood insurance business. “It is reasonable to expect that, as the cost of participating in the government-run flood insurance program rises for some, private insurers will recognize the market opportunity and respond by applying cutting-edge data

and analytics capabilities, more refined pricing techniques, and new products, such as parametric insurance, to seize those opportunities,” the Triple I said. The Triple I says the benefits of increasing competition between the NFIP and the private insurers could end up lowering flood insurance costs for those needing flood insurance. That said, more education is needed to educate homeowners and businesses about flood insurance. A survey by the Triple I and Munich Re found 64% of homeowners and renters thinking their property is not at risk for flooding. Another 14% aren’t sure one way or the other. “Public education and awareness building around flood risk are essential to advance the goal of reducing flood risk, as is collective action among stakeholder groups — from banks and insurers to community leaders, real estate professionals, and policymakers,” the Triple I concluded. “Reducing the threat of costly flood claims will ensure that affordable insurance protection is available to all who need it.” Source: Insurance Business America

September 2023 | Main Street Industry News | www.pianeia.com | 13

TOP STORIES

SURPLUS LINES Hitting New Premium Record The U.S. Surplus Lines Service and Stamping Offices said the first six months of 2023 saw surplus lines premiums hit close to $36 billion. That’s a 16% jump compared to the first six months of 2022. The premium increase broke last year’s recordbreaking mid-year total of $31 billion and a 32.4% increase. The number of transactions rose 2.6% to 2.9 million. California, Texas, and Florida had the highest premium totals. Florida led the way with $8.65 billion, California hit $7.83 billion, and Texas had $7.21 billion. The Wholesale & Specialty Insurance Association (WSIA) said commercial liability

and commercial property were the bulk of the premiums. Some states also noted a rise in personal lines coverage. Ben McKay is the CEO of the Surplus Lines Association of California. He said California’s record growth from 2018 to 2022 is 77%. “General liability is down 8% from last year and makes up 25% of the policies while cyber, commercial difference in conditions, and multiperil homeowners are up nearly 50% in total premium,” McKay said. “Our experience in the first half of 2023 might indicate a softening of certain liability coverages, or we could be seeing a short-term aberration. California property lines clearly continue to experience a hard market.” Source: Insurance Journal

September 2023 | Main Street Industry News | www.pianeia.com | 14

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TOP STORIES

CRIME CONCERNS Rising for Religious Services and Community Events

Church Mutual Insurance specializes in insuring non-profit organizations like schools, houses of worship and camps. It routinely issues a Risk Radar Report. Eric Spacek is the assistant vice president for risk control at Church Mutual. He said this time around Church Mutual found safety concerns rising for people attending religious services and community events. • 54% of us consider armed intruders or physical violence as a primary safety concern in those settings • That’s way up from 2019 when just 10% of us had such concerns “We have been asking Americans about their safety concerns for several years. Except for 2021, when the top concern was understandably the COVID-19 pandemic, armed intruders and physical violence have continued to take top billing,” Spacek said. “With 38% of Americans saying they feel less safe, we are seeing greater interest and support for armed security and other safety measures organizations need to carefully consider and prepare for before adopting.” Those responding to the survey had specific suggestions to improve safety: • 56% want armed security

• 59% want more security cameras • 47% want metal detectors • 45% want more incident training for staff These measures were seen as even more necessary if: • There was a previous threat: 56%

• There was a previous incident: 53% • There were demands from staff, volunteers, parents or congregants: 52% • The facility is in a high crime area: 51% Specifically:

• 72% think on-site security at houses of worship, schools, or nonprofit and community events should be a trained police officer/officers • 75% said they’d feel safer at school and community events with an armed security guard • Generation Z was the age group that felt less safe with those armed guards • Just 27% believe their house of worship, non-profit or community group or school are adequately prepared for an armed intruder • 50% have a lack of confidence that these groups are prepared for such an incident

“Recent security incidents in our country have Americans thinking twice about their activities. Gen X (40%), millennials (43%) and Gen Z (55%) respondents are more likely than baby boomers (27%) to be discouraged from attending community, nonprofit and school events, and religious services because of these incidents,” Spacek said. Source: Insurance Business America

September 2023 | Main Street Industry News | www.pianeia.com | 16

And 600+ more

TOP STORIES

2023 UNDERWRITING A Combined Ratio Worry

The Insurance Information Institute (Triple I) and Milliman took a look at underwriting in 2023. Triple I CIO Dale Porfilio said P&C insurance will end up with a combined net ratio of 102.2.

However, Porfilio said the drop is mostly due to the poor performance of underwriting in personal lines and catastrophe losses. “Catastrophe losses in the first half of 2023 were the highest in over two decades, slightly higher than the record set in first half of 2021.”

That’s a smidge below the 2022 finish of 102.4.

That said, he sees the personal lines auto net combined ratio improving but the prediction is that it will be 109.5 at year’s end. Porfilio added that replacement costs rose an incredible 55% between 2019 and 2022. That pushed the

September 2023 | Main Street Industry News | www.pianeia.com | 18

TOP STORIES

underwriting loss for 2023 and will be mostly responsible for the losses through 2025. Homeowners — a big driver of catastrophe loss increases — right now sits at a combined ratio of 109.5. By year’s end, Porfilio thinks homeowners will be 104.8 and that’s close to what it ended at in 2022. The reason being that most of the devastating losses happened at the first of the year in 2023. Commercial lines are doing very well and Portilio says they have a “strong overall performance.” He’s predicting premium growth of 9% in 2023 and 9% in 2024 with a slight drop to 7% in 2025.

INSURANCE MERGERS AND ACQUISITIONS: Dropping in 2023

The report ends with a positive and Porfilio predicts a combined net ratio that improves incrementally from 2023 to 2025 and, best of all, he thinks commercial lines will see a small underwriting profit in 2025.

Clyde & Co. tracks insurance mergers and acquisitions. It said the number of mergers and acquisitions in insurance fell significantly in the first half of 2023. The number of deals worldwide hit 171.

Triple I chief economist, Michel Leonard says inflation and rising interest rates have had a huge impact on underwriting and insurer performance. Leonard expects P&C growth to go along the lines of the GDP through 2024.

That’s down from 207 in the second half of 2022 and 242 in the first half of 2022.

Leonard says supply chain and labor disruptions are ending so replacement costs — a huge driver of auto losses — will increase at a slower and lower rate than overall inflation. He also predicts that the consumer price index (CPI) will keep it’s mid-to-upper 3% range through 2023 and into 2024. Milliman principal and consulting actuary, Jason Kurtz said the real bright spot in commercial lines is workers’ compensation. He predicts underwriting profitability through 2025.

The highest percentage of deals were in the U.S. We saw 60. That’s down from 83 in the last six months of last year. Eva-Maria Barbosa is a partner at Clyde & Co. She said things will pick up in the second half of 2023 but is not expected to return to 2022’s highs anytime soon. “We anticipate that the volume of transactions will start to rise again towards the end of 2023 as insurance businesses acclimatize to the new operating environment, with the broker segment leading the way,” she said. Source: Business Insurance

Source: Insurance Business America

September 2023 | Main Street Industry News | www.pianeia.com | 19

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PIA NE IA EVENTS

Events Calendar 2023

For information and to register click here or call (402) 392-1611. Date

Class/Webinar

Where

When

September 12, 2023

CPIA 1: Position for Success

ALL STATES

Live Webinar: 8:30 - 4:15 PM

September 13, 2023

Employment Practices Liability - A Coverage No Business Can Live Webinar: ALL STATES Afford to Be Without 8 - 11 AM

September 14, 2023

CISR: Insuring Commercial Property

ALL STATES

Live Webinar: 8 - 4 PM

September 14, 2023

Certificates of Insurance and the Coverage Issues that Go With Them

ALL STATES

Live Webinar: 8 - 11 AM

September 18, 2023

Commercial Property: Recent Changes and Crucial Concepts

ALL STATES

Live Webinar: 12 - 3 PM

September 19, 2023

Flood Insurance, FEMA, and the NFIP

ALL STATES

Live Webinar: 12 - 3 PM

September 20, 2023

An Hour with Nicole: Everything You Need to Know About Insuring Work-From-Home Exposures

ALL STATES

Live Webinar: 1 - 2 PM

September 20, 2023

CISR: Other Personal Lines Solutions

ALL STATES

Live Webinar: 8 - 4 PM

September 21, 2023

The Bad Thing Happened: Handling Commercial Claims & Coverage Disputes

ALL STATES

Live Webinar: 12 - 3 PM

September 21, 2023

All-Things Ethics: Agent Obligations, Standards, Authority and More

ALL STATES

Live Webinar: 8 - 11 AM

September 25, 2023

More Money, More (Insurance) Problems? Mastering P&C Coverage for the Affluent Market

ALL STATES

Live Webinar: 12 - 3 PM

September 26, 2023

Adventures in Aging: Medicare and Other Retirement Healthcare Solutions

ALL STATES

Live Webinar: 12 - 3 PM

September 26, 2023

Marriage, Kids, Money, Assisted Living and Everything Between: Home and Auto Exposures For Life

ALL STATES

Live Webinar: 8 - 11 AM

September 27, 2023

An Hour with Dave: Fast Facts About Flood

ALL STATES

Live Webinar: 1 - 2 PM

October 2, 2023

PIA Annual Scholarship Golf Outing

October 3, 2023

CISR: Agency Operations

ALL STATES

Live Webinar: 8 - 4 PM

October 5, 2023

Claims That Will Convince Your Insured to Enhance Their Homeowners Coverage

ALL STATES

Live Webinar: 8 - 11 AM

October 5, 2023

Covering Online Fraud and Employees Who Turn Out to Be Crooks

ALL STATES

Live Webinar: 12 - 3 PM

October 5, 2023

CPIA 2: Implement for Success

ALL STATES

Live Webinar: 8:30 - 4:15 PM

October 11-12, 2023

Ruble Graduate Seminar

ALL STATES Omaha, NE

Lincoln, NE

September 2023 | Main Street Industry News | www.pianeia.com | 21

PIA NE IA EVENTS

October 11-12, 2023

Ruble Graduate Seminar

ALL STATES

Live Webinar: 8 - 5 PM

October 11, 2023

An Hour with Sam: A Numbers Game - Mastering the Coverage Symbols in a Business Auto Policy

ALL STATES

Live Webinar: 1 - 2 PM

October 12, 2023

Bots, Crypto, Weed and Other Risks You Never Imagined Insuring (But Here We Are)

ALL STATES

Live Webinar: 12 - 3 PM

October 17, 2023

Lurking: Surprises In the Contractor’s CGL Policy & Endorsements to Watch Out For

ALL STATES

Live Webinar: 12 - 3 PM

October 18, 2023

CISR: Commercial Casualty II

ALL STATES

Live Webinar: 8 - 4 PM

October 19, 2023

Adventures in Aging: Social Security & Other Retirement Income Solutions

ALL STATES

Live Webinar: 12 - 3 PM

October 24, 2023

“Wait…What the #^&* Just Happened?!” Fourteen Personal Lines Issues To Know Before It’s Too Late

ALL STATES

Live Webinar: 8 - 11 AM

October 25, 2023

CISR: Insuring Personal Auto Exposures

ALL STATES

Live Webinar: 8 - 4 PM

October 25, 2023

An Hour with Dave: All-Things Ordinance or Law (Personal and Live Webinar: ALL STATES Commercial) 1 - 2 PM

October 26, 2023

Homeowners Deep-Dive: What You Need to Know About the Most Recent Forms

ALL STATES

Live Webinar: 8 - 11 AM

October 31, 2023

Growing Good Insurance: Property & Liability Endorsements to Fortify Farm Risks

ALL STATES

Live Webinar: 8 - 11 AM

November 1, 2023

Flood Insurance, FEMA, and the NFIP

ALL STATES

Live Webinar: 8 - 11 AM

November 1, 2023

An Hour with Dave: Coverages That Keep a Business Income Loss From Bankrupting You

ALL STATES

Live Webinar: 1 - 2 PM

November 2, 2023

Ethical Dilemmas in Insurance and the Responsibilities of Agents

ALL STATES

Live Webinar: 12 - 3 PM

November 2, 2023

Inflation and Personal Lines: Helping Insureds Understand Why It Matters and What to Do

ALL STATES

Live Webinar: 8 - 11 AM

November. 9, 2023

CISR: Insuring Personal Residential Property

ALL STATES

Live Webinar: 8 - 4 PM

November 9, 2023

Adventures in Aging: Medicare and Other Retirement Healthcare Solutions

ALL STATES

Live Webinar: 12 - 3 PM

November 9, 2023

Marriage, Kids, Money, Assisted Living and Everything Between: Home and Auto Exposures For Life

ALL STATES

Live Webinar: 8 - 11 AM

November 14, 2023

CPIA 3: Sustain Success

ALL STATES

Live Webinar: 8:30 - 4:15 PM

November 14, 2023

Commercial Property: Recent Changes and Crucial Concepts

ALL STATES

Live Webinar: 8 - 11 AM

November 14, 2023

Mastering Business Income: Tools & Tips to Keep Insureds Flush

ALL STATES

Live Webinar: 12 - 3 PM

November 15, 2023

An Hour with Nicole: Why Personal Lines Deductibles Always Confuse Insureds

ALL STATES

Live Webinar: 1 - 2 PM

November 16-17, 2023 CIC: Commercial Multiline Institute

September 2023 | Main Street Industry News | www.pianeia.com | 22

ALL STATES Des Moines, IA

PIA NE IA EVENTS

November 16-17, 2023 CIC: Commercial Multiline Institute

ALL STATES

Live Webinar: 8 - 5 PM

November 27, 2023

More Money, More (Insurance) Problems? Mastering P&C Coverage for the Affluent Market

ALL STATES

Live Webinar: 12 - 3 PM

November 28, 2023

Cyber Coverage: Protecting Your Insureds From Hackers, Liars, & Really Bad Bots

ALL STATES

Live Webinar: 12 - 3 PM

November 29, 2023

An Hour with Sam: The Policy's Position on Home-Sharing and How to Handle It

ALL STATES

Live Webinar: 1 - 2 PM

November 29, 2023

Leadership and Liability: Insuring Executive Risk

ALL STATES

Live Webinar: 8 - 11 AM

Nov. 30-Dec. 1, 2023

Ruble Graduate Seminar

ALL STATES

Live Webinar: 8 - 5 PM

December 5, 2023

CISR: Insuring Commercial Property

ALL STATES

Live Webinar: 8 - 4 PM

December 5, 2023

Planting the Seed: Agent Strategies to Get and Keep Agribusiness Insureds

ALL STATES

Live Webinar: 12 - 3 PM

December 6, 2023

An Hour with Nicole: Everything You Need to Know About Insuring Work-From-Home Exposures

ALL STATES

Live Webinar: 1 - 2 PM

December 7, 2023

“Wait…What the #^&* Just Happened?!” Fourteen Personal Lines Issues To Know Before It’s Too Late

ALL STATES

Live Webinar: 12 - 3 PM

December 7, 2023

Claims That Will Convince Your Insured to Enhance Their Homeowners Coverage

ALL STATES

Live Webinar: 8 - 11 AM

December 12, 2023

All-Things Ethics: Agent Obligations, Standards, Authority and More

ALL STATES

Live Webinar: 12 - 3 PM

December 13, 2023

An Hour with Dave: Fast Facts About Flood

ALL STATES

Live Webinar: 1 - 2 PM

December 14, 2023

Certificates of Insurance and the Coverage Issues that Go With Them

ALL STATES

Live Webinar: 8 - 11 AM

December 14, 2023

Adventures in Aging: Social Security & Other Retirement Income Solutions

ALL STATES

Live Webinar: 12 - 3 PM

“I'm sorry, this is my quarterly earnings fan fiction. The actual numbers are much much worse.”

September 2023 | Main Street Industry News | www.pianeia.com | 23

PIA NE IA EVENTS

A NEW SUPPLY LINE CONCERN

CARGO THEFT This is what happened in the supply chain in the United States and Canada in the second quarter of 2023.

582 THEFTS TOP TARGETS

1. Warehouse & distribution centers 2. Parking lots

TOP TARGETED COMMODITY TYPE 1. Food & beverages 2 Electronics

Total loss value: $44,840,189 The information above comes from Verisk’s CargoNet. It’s a 57% increase in thefts when compared to 2022’s second quarter.

“Freight moves almost like online dating. You match your type of equipment up with the type of load looking for a destination, and in one click the load is awarded to you if you meet the broker’s criteria,” Lewis said. “The frauds are committed when they pick up the load. It’s not the distribution centers that are vulnerable; it’s the way the loads are moving.” CargoNet says thieves targeted 39 different product categories in the second quarter of 2023. They are: • Alcoholic beverages • Non-alcoholic beverages, mostly soda and energy drinks

CargoNet’s vice president of operations, Keith Lewis said thieves mostly focus on high value products. The biggest percentage of thefts is when thieves use a stolen motor carrier and logistic broker identities to misdirect freight delivery to a location that makes it easy for them to steal.

The biggest percentage of cargo thefts are in California, Texas and Arizona.

Most of the Over $44 million in losses average $100,000 to $260,000 per incident.

Source: Insurance Journal and Insurance Business America

• Solar power energy generation equipment • Autos • Auto supplies — parts, fluids, oils, tires

September 2023 | Main Street Industry News | www.pianeia.com | 24

PU T PIA NE IA EVENTS

TH E PI E C E S TO G E TH E R W ITH

Agency Journey Mapping Agency valuation, perpetuation and succession planning for agency owners - plus so much more.

TAKE CONTROL OF

YOUR FUTURE – AT EVERY STAGE. Start today!

agencyjourneymapping.com September 2023 | Main Street Industry News | www.pianeia.com | 25

PRESENTS THE 2023

Scholarship

GOLF OUTING ALL PROCEEDS BENEFIT THE PIA SCHOLARSHIP AWARDED TO A HIGH SCHOOL SENIOR OR YOUNG PERSON INTERESTED IN WORKING IN THE INSURANCE INDUSTRY.

OCTOBER 2023

PIA NEBRASKA & IOWA PIA Members Non-Members

$124 $134

INCLUDES: GREEN FEES, CART, PRIZES, 2 DRINK TICKETS, & DINNER Lunch: Hot dogs & hamburgers will be available for purchase.

Firethorn Golf Club 9301 Firethorn Lane Lincoln, NE 68520 (402) 488-6467 www.firethorngolfclub.com

AGENDA 11:00 AM 12:00 PM

Registration Shotgun - 4 Person Scramble

Now Industry Online: www.PIANEIA.com or mail-in on reverse side September 2023Register | Main Street News | www.pianeia.com | 26

(402) 392-1611 | frontdesk@pianeia.com | education@pianeia.com

Help us “Insure” the Future Agent by attending our Scholarship Golf Outing! Date: Time:

Monday, October 2, 2023 11:00 AM Golf Registration 12:00 Shotgun – 4-Person Scramble Dinner Provided Mulligans available for purchase at golf course. Funds raised go towards our PIA Scholarship.

Where: Firethorn Golf Club 9301 Firethorn Lane Lincoln, NE 68520 (402) 488-6467 www.firethorngolfclub.com

REGISTRATION: $124/Members or $134/Non-Members Includes: Green Fees, Cart, Prizes, 2 Drink Tickets & Dinner

NAME ADDRESS COMPANY/AGENCY CITY/STATE/ZIP PHONE

Group of Four for Golf: (No Foursome? No Problem! Sign up as a single player, or with a partner. We will do the rest!) 1.

Payment Information: Payment is due upon registration. Cancellation fees will apply within 14 days of the event. Amount Enclosed:

Check #:

Card Number: Exp. Date: Signature:

Mail to: PIA of NE/IA 11932 Arbor Street, Suite 100 Omaha, NE 68144 Phone: (402) 392-1611 – Fax: (402) 392-2228 Questions: Email frontdesk@pianeia.com or education@pianeia.com