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All Eyes on Economics: Economic Impacts on Small Businesses with Russ Johnston (Nationwide)
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All Eyes on Economics is a podcast series by the Insurance Information Institute providing different perspectives on the intersection of economics and business strategy in the insurance and financial sectors. Thoughtful and actionable, Dr. Léonard and his guests engage in lively exchanges about how business leaders integrate economics into their wider growth strategy - and how economics is delivering tools that specifically match business needs in today’s challenging economy.
What You’ll Hear in This Episode:
In this episode of All Eyes on Economics, Dr. Léonard interviews Russ Johnston, Nationwide’s President of Commercial lines, Excess and Surplus and Specialty. They discuss the findings of Nationwide’s 2024 Economic Impact Survey, focusing on how small and medium-sized businesses feel about and are adapting to the current economic environment. Russ provides insights into the importance of property, general liability, and workers' compensation insurance for these businesses while addressing some of their top concerns such as energy costs, supply chain disruptions, inflation, raw material expenses, and high interest rates. Michel and Russ discuss strategies for protecting businesses from legal challenges and cyber threats and explore insurance solutions for these leading concerns.
More on the 2024 Nationwide Economic Impact Survey here:
Nationwide survey on newsroom - https://news.nationwide.com/business-owners-are-upbeat-despite-economic-and-employee-hurdles/
Agency Forward article - https://agentblog.nationwide.com/commercial-insights/general-industries/inflation-and-other-issues-deflating-economic-sentiment/
Survey Key findings:
Nationwide’s recent survey with small- and mid-market business owners found that there’s high concern around the national economy, however, business owners are more optimistic the closer you get to their specific region, industry, or business. 73% of mid-market owners and 51% of small business owners rate the conditions for their own business as good or excellent today.
Mentioned:
Russ Johnston, LinkedIn, Nationwide Website
Dr. Michel Leonard, CBE LinkedIn , Triple-I Website
Marina Madsen LinkedIn , Triple-I Website
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