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
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
The PIA Partnership's new Winning@Virtual toolkit, available at
, 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.
The Hartford Rejects Chubb's $23.2 Billion
Hartford Financial Services Inc.
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
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.