WebCE Weekly-Wrap Up: April 25, 2025
WebCE Staff
By
April 25, 2025
From the Federal Reserve’s latest economic snapshot to sweeping changes in insurance licensing laws, this week’s headlines focus on the shifting financial and regulatory landscapes impacting businesses and professionals alike. Rising dog bite claims, growing cybersecurity threats, and emerging life insurance opportunities all point to the need for heightened awareness and adaptability across industries.
We’ll also dive into the latest profitability trends in insurance, explore how CPAs can leverage clean energy tax credits, and look at how leadership styles influence performance. Whether it’s navigating market challenges or spotting new growth opportunities, these are the stories shaping your professional world.
Top News Stories of the Week
Federal Reserve’s Beige Book – April 2025 (The Federal Reserve)
The Federal Reserve’s April update on current economic conditions across the 12 Federal Reserve Districts across the country. The next report is due out June 4.
Insurance Licensing Laws Changing Across the Country (WebCE)
From New Jersey becoming the 50th state to adopt annuity best-interest rules to Pennsylvania’s removal of insurance pre-licensing and new CE requirements, major changes in insurance licensing are almost here or in the works across the country.
Dog Bite Claims Soar in Frequency and Cost: Report (Insurance Journal)
“The number of dog bite and related injury claims last year totaled 22,658, an increase of nearly 19% from 2023 and a 48% increase over the past decade, with the total cost of claims reaching about $1.6 billion, according to Janet Ruiz, director of strategic communications at Triple-I.”
“According to Triple-I, homeowners and renters insurance policies usually cover dog bite liability legal expenses, up to the liability limits (typically $100,000 to $300,000). The dog owner is responsible for all damages the claim limit. At least two states, Pennsylvania and Michigan, have laws that prohibit insurers from canceling or denying coverage to owners of particular dog breeds. Some states could exclude coverage after a dog bite, such as Ohio, which also requires owners of dogs that have been classified as vicious to purchase at least $100,000 of liability insurance.”
‘Really Huge’ Opportunity for Life Insurance Sales If Riddle Can Be Solved (InsuranceNewsNet)
“The biggest issue is just people are overwhelmed and intimidated by the product. So, they're starting to do some research. They're maybe talking to friends and family. They're looking at online sources … but they're recognizing that they need help. That it's way too complex to navigate on their own, and they're not getting the help they need.”
“Those life insurance-needy prospects who do meet with an advisor end up buying in high numbers. But they tell LIMRA that education is crucial. Forty-eight percent of respondents “strongly agreed” that they “need to understand life insurance before they purchase” it...Another 42% agreed.”
NAIC Releases 2023 Profitability Report (NAIC)
The report details economic impacts by state/territory and line of business to help assess market competition and performance.
Surplus Lines Thrive in Challenging Insurance Environment (Risk & Insurance)
“The U.S. surplus lines insurance market continues to enjoy double-digit premium growth, with troubled property & casualty insurance lines providing key expansion opportunities as standard insurers retreat from volatile segments, according to a report by AM Best.”
How CPAs Can Maximize the Impact of Clean Energy Tax Credits (CPA Practice Advisor)
“The Inflation Reduction Act provides incentives that help companies reduce tax liability through Investment Tax Credits (ITCs) and Production Tax Credits (PTCs). For accountants, these credits represent a critical opportunity to deliver significant value to clients navigating the evolving landscape of green energy financing.”
FBI Releases Annual Internet Crime Report (FBI)
“The 2024 Internet Crime Report combines information from 859,532 complaints of suspected internet crime and details reported losses exceeding $16 billion—a 33% increase in losses from 2023. The top three cyber crimes, by number of complaints reported by victims in 2024, were phishing/spoofing, extortion, and personal data breaches. Victims of investment fraud, specifically those involving cryptocurrency, reported the most losses—totaling over $6.5 billion...As a group, people over the age of 60 suffered the most losses at nearly $5 billion and submitted the greatest number of complaints.”
Research: When Leaders Express Positivity Early On, Employees Perform Better (Harvard Business Review)
“An analysis of nearly 10,000 consultants and 245 student-athletes found that leaders’ early positivity (at the start of a project or year) was the biggest predictor of team success, especially if partnered with a little negativity at a project’s midpoint. When leaders express positivity during an early stage, the researchers found, team members felt more highly respected and desired to maintain that respect throughout the year.”
The Inventory Dilemma: Why Existing-Home Sales Are Falling Short (REALTOR Magazine)
“Even with last month’s slide in existing-home sales, buyers could still face some competition. Twenty-one percent of homes sold above list price in March, and 57% of real estate pros report that properties typically sold in just over a month, according to the March REALTORS® Confidence Index Survey, reflecting results from a survey of more than 1,500 real estate pros about their latest transactions. Homes listed received an average of 2.4 offers. What’s more, 22% of buyers waived the inspection contingency and 19% waived their appraisal contingency in competing in a home sale last month.”
Top Podcast of the Week
Q&A with a CPA: A Day in the Life of an Advisory Partner
Next Stop: CPA
29 Minutes
“Are you ready to dive into the exciting world of accounting? Join us for the informative "Q&A with a CPA" podcast series to gain valuable insights into the world of accounting, highlighting the motivations, responsibilities and essential skills associated with the profession.
“This episode is facilitated by Hunter Richardson (Accounting and Computer Science student) who is joined by guest speaker Alfred Ko (Risk Consulting Quality and Methodology Leader at RSM US LLC) and focuses on a day in the life of an advisory partner.”
Weekend Wind-Down
When you’re used to balancing books, two-stepping isn’t exactly in accounting’s job description—unless you’re Ben Affleck in The Accountant 2. Affleck’s leap from forensic spreadsheets to line-dance rehearsals had Kelly Clarkson and co-star Jon Bernthal in stitches this week during the appearance on The Kelly Clarkson Show.
The film releases nationwide on April 25, 2025.