2023 Policyholder Newsletter

A Message from our President

Welcome to our annual newsletter!

To say 2023 has been a challenging year seems to be an understatement.  I am sensing a theme year over year since coming out of the Covid hibernation.  2022 was driven by global unrest from war and political uncertainties and of course, a dramatic shift in prices due to inflation.  As we entered into 2023, our focus for Mutual of Wausau Insurance Corporation (Mutual of Wausau) was to respond to the inflationary pressures and address the need to review coverages to better protect you, our policyholders, if a devastating loss would occur.

 

Although the related cost of doing business seems to have stabilized, they remain over 25%-30% higher, compared to pre-Covid times.  Widespread global and US claims continue to impact the insurance industry.  The cost of the protection that Mutual of Wausau purchases, which is similar to all other insurance companies, rose dramatically in 2023.  Our respective insurance carriers that further protect both Mutual of Wausau and indirectly, you, our policyholder, have all asked for their customers to retain more of the risk inhouse.  In similar fashion, we have asked that of you in the form of higher deductibles.  This trend will continue into 2024.  In addition, we, as is the case with many of the carriers in WI, have increased our rates in 2023 to combat the rising cost of doing business.

 

Challenging times indeed.  But we as a corporation, as policyholders, and as fellow citizens have seen this happen before.  Inflation was constant and high in the mid to late 70’s.  This led to incredibly high interest rates in the early to mid 80’s when you actually earned money on a savings account but paid dearly for it in your mortgage rates.  Does any of this sound familiar?

 

If there is a silver lining in “version 20.0” of our current economic environment, unemployment has remained relatively low which has helped reduce some of the pain that we are experiencing in our respective households.  Another recent relief point is that we have seen a significant drop in the price at the pump but this, too, will change.  As we enter once again into the holiday season, we are thankful for what we have and are optimistic heading into a new year.

 

We are thankful for you, as policyholders.  We are thankful for the agents that work with you and for us in earning your business.  Our optimism for 2024 is simple.  We, as policyholders, and as your insurance provider, have been here before and we have proven before to be resilient.  We learn and adapt to what life throws us and I am confident we will continue to do just that.

 

We wish you a blessed Holiday Season and a safe and happy New Year in 2024!

 

Todd Lentz, President and CEO

Edition Highlights

Merger Announcement
Claims & Loss Control Recap
Annual Meeting Information
Underwriting Update
Scholarship & Grant Awards
Staff Announcements

Click the link below to access the full publication:

12-2023 Policyholder Newsletter