Welcome back to a new edition of The Weekender…where Florida faces insurance headaches as it looks to rebuild, and anxiety rates are up nationwide. Plus, we discuss the top 100 most influential women and look at an industry giant’s legacy. Also, this week’s featured tweet is out of this world! Thank you for starting your weekend with The Weekender.
ICYMI: Strategic Elements is proud to announce we are expanding our digital presence. We welcome Ryan Sheldon as Director of Digital and Video and Andrea Hatcher as Digital Manager to bolster our award-winning team.
THE BIG FIVE
Rebuilding for the Future
Hurricane Ian brought destruction to Florida homeowners in more ways than expected. Concerns rise for the multifamily housing industry regarding risk management and insurance. Since 2021, more than 10 Florida insurance carriers have become insolvent, and many have abandoned the market entirely. Nearly 30 others are on the Florida Office of Insurance Regulation “Watch List” because of financial instability—and after the chaos of last week’s storm, it is sure to hit the companies and homeowners harder than expected. Property damage from Ian is estimated to total between $41-70 billion. Florida State Senator Jeff Brandes predicts policyholders will see rate hikes of up to 40% next year from Ian. A new land risk analysis from Climate Central reported that hundreds of thousands of U.S. coastal properties are projected to be partly or fully submerged in about 30 years. With this in mind, what will a rebuild look like? One thing is for sure: we must build for climate resilience. Read more at Multi-Housing.
Slow Growth… Better Than No Growth
Slow growth is expected for global merchandise trading next year. The figure will be 1%, a decline from the previous forecast of 3.5%. The volume of world merchandise trade has plateaued, resulting in the dwindling demand for goods. This slow in global trade volumes, as well as weaker cargo movement, have caused freight rates to fall. The S&P Global Market Intelligence’s latest outlook shows the second quarter of 2022 might be the dry bulk rate peak rather than its typical peak in the third quarter. It is also predicted from the Freight Rate Forecast models that the Baltic Dry Index – a barometer for the price of moving primary raw materials by sea – is expected to fall about 20% to 30% for the year before recovering slightly in 2024. A sign of a global recession is stagnating global trade growth. Part of the slowdown is due to the conflict in Ukraine and pandemic lockdowns in China. Even with slight seasonal improvements ahead, the path to lower growth rates is expected due to economic growth and the absence of high congestion. If there is a further slowing in demand for goods and consumption, trade could decline more. Read more in Bloomberg.
The Incontrovertible Influence of Women
Influencing industries, defining culture, and reimagining the future are a few reasons 100 women were chosen for Entrepreneur’s annual Women of Influence in 2022 list. Each year, the publication decides whom to feature by asking specific questions. This year, they asked the women who is most influential. They split this question into five more parts to narrow down their decision. This list provides us with leaders from companies like Apple, Instagram, Reformation, Stax, FIGS, Waymo, and Uber Health discussing critical moments in their careers. Founders influence how people eat, diagnose diseases and get people talking about what really matters—to name a few things. Cover star, Jennifer Lopez, discusses the whole point of having influence. Original influencer, Kim Kardashian, outlines how to stay influential. Oscar-winning filmmaker Ava DuVernay and Wall Street vanguard Sallie Krawcheck talk about overcoming barriers to influence. The list’s women show they are creating an impact on the world in real ways. Read more at Entrepreneur.
New Mental Health Poll Shows Bad News
A new survey found nine out of 10 people in the United States believe the country is in a mental health crisis. The leading reason for respondents to say there is a crisis: the opioid epidemic. Starting in the 1990s but prevalent today, the opioid epidemic is still ravishing communities nationwide—regardless of government attempts to stop it. The odds are most people in the United States know someone affected by the crisis, and it is proving to be taking a toll on mental health throughout the nation. However, that is not the only thing affecting mental health—personal financial stress and political events are also causing anxiety rates to rise. Read more in The Hill.
Industry Icon’s Impact
Advertising icon Dan Wieden passed away this week at the age of 77. Wieden co-founded Wieden and Kennedy, an Oregon-based advertising company credited for creating Nike’s iconic “Just Do It” campaign. The firm started with one client: the small local shoe store Nike, which they helped turn into a global sensation. Widen then went on to land projects with Budweiser, Old Spice, and Mcdonald’s (to name a few). With an off-beat way of doing business, like never hiring people with an advertising background, Wieden made waves in advertising and business as a whole. Always pushing employees to “fail harder” and continue to try to reinvent the wheel, Wieden promoted creativity at every turn. It was more than public relations and marketing for Wieden; it was making a lasting impact—and he did just that. Read more in Business Insider.
INTERNATIONAL SPOTLIGHT
Russian Red Flags
Russian President Vladimir Putin has officially annexed four regions of Ukraine following sham “referendums.” Kremlin-backed elections in the four regions were the cited proof needed for Putin to sign the annexation—but the West deems them illegitimate… and for a good reason. Russian armed soldiers were ordered to oversee the elections, forcing Ukrainians to vote in favor of the annexation or face prosecution. The “official” annexation has implications for the West. If countries such as the United States supply Ukrainians in the region weapons, Russia could use it as a means to intensify the war even more. Regardless of whether this is legit, the truth is that Russia is escalating—and folks are not paying as much attention as they did when the war first broke out in March. Coupled with Putin’s escalating signals toward using tactical nuclear weapons that prompted President Biden to warn of a nuclear “Armageddon,” things get even more complicated for the U.S. and NATO very quickly. Read more in Reuters.
DATA POINTS
- 570,000: The number of educators who have left the U.S. public school system since the pandemic began.
- 100,000: The number of U.S. child-care workers who have left the industry since the pandemic began.
- 300,000: The number of nurses in the U.S. who have left their job since the pandemic began.
- 27%: The percentage of housing units in Lee County, Florida, that are covered by flood policies. Hurricane Ian could result in $41-70 billion in property losses.
- $700 million: The amount that the three-year-old beverage startup, Liquid Death, is now valued at following a $70 million investment round. The brand sells water in appealing, ironically hardcore cans that are more environmentally friendly than plastic bottles.
- $1.26 million: The amount of money that Kim Kardashian West will pay to settle an SEC investigation into her allegedly shady promotion of the crypto asset EthereumMax (EMAX).
- 125: The number of people who died after an Indonesian soccer match between Arema FC and Persebaya FC. After Arema (the home team) lost, police fired tear gas at rioting fans who had come onto the pitch, which led to a panic.
- 22,920 kilograms per hour: The estimated leak rate from one of four rupture points on the Nord Stream natural gas pipeline system under the Baltic Sea. This is likely the biggest single release of climate-damaging methane ever recorded.
