On Wednesday, March 12, Marshfield Insurance CEO Nick Arnoldy took part in a historic event at the Wisconsin State Capitol, where the Independent Insurance Agents of Wisconsin (IIAW) and the Professional Insurance Agents of Wisconsin (PIAW) joined forces for the first time to advocate on behalf of policyholders and constituents.
This collaborative effort brought together industry leaders to discuss key legislative issues affecting Wisconsin’s insurance market, particularly amid the ongoing hard market—characterized by rising rates and increasingly restrictive underwriting guidelines.
The day began with remarks from Senator Mary Felzkowski (R) and Senator Dianne Hesselbein (D), who addressed the group before attendees broke out for individual meetings with Wisconsin legislators.
Arnoldy, serving as the current IIAW State National Director, former President, and Board Member, met with:
-Senator Cory Tomczyk
-Representative John Spiros
-Representative Angela Stroud
-Senator Romaine Quinn
Discussions centered around critical issues that impact both policyholders and the broader insurance industry. The meetings focused on legislative measures that could provide relief to Wisconsin residents and businesses, including:
Assignment of Benefits (AOB): Addressing concerns over policyholders transferring their rights under an insurance contract to third parties, such as repair contractors, which can lead to inflated claims and disputes.
Third-Party Litigation Funding (TPLF): Examining the role of hedge funds and private investors who finance lawsuits in exchange for a portion of settlements—contributing to nuclear verdicts (judgments exceeding $10 million) and driving up insurance costs.
Catastrophe Savings Accounts (CSA): Advocating for tax-advantaged savings accounts, similar to Health Savings Accounts (HSAs), to help individuals set aside funds for natural disaster-related damages, including severe storms, hail, tornadoes, and flooding.
Hard Market Factors: Discussing the 55% increase in replacement costs from 2019 to 2022, a 33% surge in auto insurance premiums, and a 12.3% rise in property insurance rates over the past year—pressing issues that affect consumers and businesses alike.
“I was glad to take part in the discussions in Madison, especially at a time when we’re seeing significant changes to underwriting and rates,” said Arnoldy. “I’m hoping the advocacy we provided will improve Wisconsin’s position in the marketplace.”
While this state-level advocacy was a significant step forward, federal efforts are next on the agenda. In April, representatives from the IIAW and PIA will travel to Washington, D.C., as they do annually, to engage with federal lawmakers on national insurance issues that impact Wisconsin and the broader U.S. market.
Marshfield Insurance remains committed to advocating for fair and sustainable insurance policies that benefit both policyholders and the insurance industry. Through participation in events like this and ongoing legislative engagement, the organization continues to ensure that the voices of its clients and constituents are heard at both state and national levels.
For more information on Marshfield Insurance and our advocacy efforts, visit marshfieldinsurance.agency.