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Top 10 P&C Insurer Farmers Insurance Returns to Louisiana

Insurance Commissioner Jim Donelon has approved rate and form filings for Farmers Insurance (Farmers), the nation's ninth largest property and casualty insurer, to return to the Louisiana market this month with auto, homeowners, condo and renters insurance.

"The addition of a major national company to the roster of insurers offering property and automobile insurance in our state is a huge win for consumer choice and cost," said Commissioner Donelon. "Recruiting more insurers — large and small — to write policies in Louisiana is part of our strategy to increase competition and put downward pressure on rates. I'm very glad to welcome Farmers back to our market."

Farmers began selling homeowners policies in Louisiana in 1999. Its market share in Louisiana peaked in 2007 when it became the seventh largest homeowners insurer in the market with 4.1% of the state's policies and $56.2 million in direct written premium. But the insurance group began shedding policies in our difficult market after Hurricane Katrina and exited in 2014, leaving only a subsidiary, Foremost Insurance Co., doing residential property business in Louisiana.

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Upcoming PIA Events
04/27/2021 -- FEMA 2hr Flood Webinar

04/28/2021 -- CISR Commercial Casualty-2 Webinar

05/01/2021 -- Acadiana Chapter Crawfish Boil

05/05/2021 -- CISR William T Hold Webinar

05/06/2021 -- Demotech Webinar

05/12/2021 -- NO Chapter Big Easy Boil

05/19/2021 -- CISR Personal Lines Misc. Webinar

05/27/2021 -- Webinar - Who is Insured

06/02/2021 -- North Shore Chapter Luncheon

06/02/2021 -- CISR Elements of Risk Webinar



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Workers' Compensation Rates Continue Downward Trend

Louisiana Insurance Commissioner Jim Donelon approved the annual loss cost filing of the National Council on Compensation Insurance (NCCI) effective May 1, 2021. The filing reduces workers' compensation rates -4.1% and continues the downward trend of seven of the last eight years, including 2021's rate decrease. Rates have had a cumulative drop of -25% over the last five years.

"I'm happy to announce the continued reduction in rates for the workers' compensation market in Louisiana," said Commissioner Donelon. "For years we've seen these rates come down due to competition in the market, improved workplace safety and better risk management practices. In a time where many small businesses are struggling, I'm glad that workers' compensation insurance can be a line in their budgets that is decreasing."

Founded in 1923, the mission of the National Council on Compensation Insurance (NCCI) is to foster a healthy workers' compensation system. In support of this mission, NCCI gathers data, analyzes industry trends, and provides objective insurance rate and loss cost recommendations to its 35 member states and the District of Columbia. NCCI members can adopt the approved rate or they can include NCCI's analysis with their own loss experience to complete their own rate filing with the Louisiana Department of Insurance (LDI).

The total Louisiana workers' compensation insurance market is estimated to be just shy of $900 million in total premium and now has a record-breaking 247 companies writing workers' compensation insurance in competition with each other.




The PIA Partnership Launches Program to Help Independent
Insurance Agents Choose and Implement Digital Tools

PIA National and its carrier council, The PIA Partnership, have unveiled a new toolkit for PIA members and agents appointed by carriers participating in The PIA Partnership.

The PIA Partnership's new Winning@Virtual toolkit, available at www.winningatvirtual.com, enables independent insurance agents to make the most of today's digital solutions so that they are prepared to excel at sales and service. The Winning@Virtual toolkit helps independent agents assess their virtual readiness; decide which technologies are right for their agency; calculate ROI on the solutions they choose; select vendors; apply best practices; and learn from other agencies.

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The Hartford Rejects Chubb's $23.2 Billion Buyout Offer

Hartford Financial Services Inc. has rejected a $23.24 billion takeover offer from larger rival Chubb Ltd. derailing what would have been the largest deal in the property/casualty insurance sector since 2016. Hartford in a short statement said its board, after consultation with its financial and legal advisers, had determined that entering into talks about a deal would not be in the best interests of the company and its shareholders.

Analysts called The Hartford's small-business insurance franchise the main draw for Chubb; it focuses on coverage for workers' compensation, management and professional liability, and other specialized areas, including flood and political risk.

Founded in 1810, The Hartford insured the only home Abraham Lincoln ever owned. Chubb traces its roots to 1882 when Thomas Caldecot Chubb and his son Percy opened their marine underwriting business in New York City.





Thanks to Our 2021 PIA Partners:
Capital Premium Financing Gulf States Insurance Co. LRA-SIF LUBA Workers' Comp
Maison Insurance Markel Specialty National General Insurance SafePoint Insurance
Professional Insurance Agents of Louisiana
4021 W. E. Heck Ct., Building K • Baton Rouge, Louisiana 70816
(800) 349-3434 • (225) 766-7770 • (225) 766-1601 (fax)