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Legislative Preview
The Washington Legislature starts its 2023 legislative session tomorrow. Bill Stauffacher, IIABW's Lobbyist, wrote this session preview to explain the political environment and of the industry-related bills that we expect to be in play.
The Legislature will start off with hearings tomorrow and Wednesday on a bill that proposes to eliminate the requirement of a person to participate in a 36 hour prelicensing education course before taking the producer licensing exam.
Winners of NFL Game Picking Contest
Congratulations to the overall season winners of our NFL Game Picking contest:
- 1st Place: Dan Hoffman, Dan Hoffman Insurance
- 2nd Place: Chris Myers, Western Insurance Associates
- 3rd Place: Angela Smith, Schmidt Insurance Services
The recent weekly winners were: Jim Zastrow of Grange Insurance Association in week 16, Kandy Johnson of Alliant Insurance Services and Zack Skaufel of Legacy Insurance in week 17. and Brian Nickel of Superior Underwriters in week 18.
Thank you to the contest sponsors: IPFS, Superior Underwriters and Young Agents. To see all the winners, click here.
Member News
- Our thoughts and prayers are with the family, friends and co-workers of Robert Young who passed away on 12/27/22. Robert was a partner of Tradewinds Insurance in Oak Harbor and very active in the insurance community. He served on IIABW’s Board of Directors and last year was presented IIABW's Insurance Agent of the Year award.
- John Moore of Northwest Insurance Group is pleased to announce his recent merger. By combining with Insurance Services Group, he has become the latest High Street Insurance Partner in their growing PNW region. The Advantage Group recently presented John Moore with their Founder’s Award.
New Work-Related Laws as of 1/1
The Washington State Department of Labor & Industries complied this list of law changes for employers:
- Businesses with 15 or more employees must include in each job posting: salary range/pay scale; description of all benefits; other compensation. Employers must also provide promoted employees with the new pay scale, if requested.
- The state’s minimum wage will increase to $15.74 per hour.
- Overtime Exempt Threshold: executive, administrative, professional or computer professional, and outside salespeople must earn at least: for <50 employees -1.75 times the minimum wage; for 51+ employees - double the minimum wage.
- Agricultural workers must work at least 48 hours in a week before earning overtime. Next year overtime eligibility will start after 40 hours.
- Rideshare drivers will have the right to minimum trip pay, paid sick time, workers’ comp.
Washington’s Job Market Hardens
According to a recent Seattle Times article:
- Change in employment by industry since February 2020 in Washington: Retail clothing (-22%), Accommodation (-15%), Manufacturing (-6%), Government (-3%), Construction (7%), Professional/business services (+10%), Transportation/warehouse (+11%), Tech (+15%).
- In Washington, job growth is expected to fall from 5.2% last year to 0.9% in 2023 and 0.4% in 2024, before leveling out at 1% through 2027.
- Unemployment is forecast to rise to 5.2% by 2024, versus 3.7% last year.
WA Economic Performance Dropped
According to the recent Washington Economic and Revenue Forecast Council’s annual Economic Climate Study of 2020, our state dropped in the broad categories of "economic growth and competitiveness," "business performance" and "quality of life," but jumped to 4th in "innovation drivers." Overall, Washington had the nation's eighth-best overall economic climate.
Insurance Journal’s Largest Agencies
IIABW members were well represented in the Insurance Journal’s:
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50 largest personal lines agencies (2021 personal lines revenue) 1. Alliant Insurance Services ($598M); 2. HUB International ($495M), 3. Acrisure ($251M), 5. AssuredPartners ($204M), 6. PCF Insurance Services ($130M), 16. Leavitt Group ($64M)
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50 largest commercial lines agencies (2021 commercial lines revenue): 1. Acrisure $1.8B, 3. Alliant Insurance Services $1.6B, 4. HUB International $1.5B, 5. AssuredPartners $1.3B, 13. PCF Insurance Services $265M, 19. Leavitt Group $198M,
WA Cares Tax Collection Starts 7/1
Starting on 7/1/23, employers will start collecting premiums from employee wages for the new WA Cares Fund, the state’s new long-term care insurance program. Employers will not be required to pay any share of the premiums.
Exemptions from the tax include employees who:
- Have secured a private policy before 11/1/21;
- Live outside of Washington;
- Are a spouse/domestic partner of an active-duty service member;
- Have non-immigrant work visas;
- Are veterans with a 70%+ disability rating.
Paid Leave Premiums Increase 33% in 2023
Starting 1/1/23, Paid Family & Medical Leave premiums will increase to .8% with employers paying 27.24% and employees paying 72.76%. Employers with fewer than 50 employees are not required to pay the employer portion of the premium.
WA Health Insurance Up 6.1%
Washington had the 16th highest increase in health insurance premiums this year with an average of 6.1% change and an average premium of $470. Private health insurance premiums increased in 36 states, with the cost of an individual health insurance plan increasing by 4% to an average cost of $560 a month.
IIABS HOCKEY NIGHT – 2/15
The IIAB of Spokane’s annual Chiefs Family Hockey Night will be held on February 15. For $25, attendees will get admission to the game and access to the hot dog and brownie sundae bar throughout the evening.
Grow Your Business and Build Carrier Loyalty Webinars
This four-part training developed by the Big I helps developing agencies better position themselves for carrier appointments by showing them how to enhance their business operations, increase employee productivity, build carrier relationships, and establish agency goals.
E & O Coverage For Your Agency
The Big I Professional Liability Program can quote most policies off your renewal application and have access to multiple markets. For more information, contact Kimberly Ostling.
10 Most Read Big I Articles in 2022
Market Access for Big I Members
10,000+ Big I member agencies nationwide look to Big I Markets to access our
- affluent homeowner and personal package programs,
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35 Big I CE Webinars
IIABW has over 35 webinars offered regularly in 2023. Topics include: contractor coverages, insurance contracts, farm liability, named insureds, cyber/privacy, calculating business income, commercial property and COPE, ISO Homeowners changes, certificates of insurance, active shooter, trucking, cannabis, condos, sharing economy, claims, surety bonding, E & O risk management, business auto claims, builders risk.
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