Southeast Louisiana — Let Us Know Your Needs!

We are currently checking in with our members in Southeast Louisiana following Hurricane Zeta, and we would ask that you help us by letting us know your needs. Please check in on our PIA of Louisiana Peers Facebook group page to let us know you're okay and/or if you have any assistance requests. This is also a great way to touch base with your fellow members. You can also email or call us at the PIA office. We know many of you are without electricity and/or internet service, but please remember that we're here to serve you, so check in with us as you can so we know how we can best do that.





DOI Reissues Emergency Rule 45 to Extend
the Termination Date of October 20, 2020,
through November 18, 2020, Unless Terminated Sooner


Emergency Rule 45 provides for the suspension of certain statutes, including those regarding cancellations, terminations, non-renewals and nonreinstatements, premium payment, claim filings and related provisions relative to all kinds of insurance and all types of insurers doing business in Louisiana who have insureds residing in Louisiana in 16 parishes affected by Hurricane Laura and its aftermath, and other related matters.

View Emergency Rule 45 here.





Wayne White on the Pandemic Risk Insurance Act (PRIA)

Making economic survival as accesssable to small businesses as well as large ones is the focus of the Pandemic Risk Insurance Act (PRIA), according to PIA National President Wayne White. PRIA has been introduced by Congresswoman Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee, as that potential solution. White testified before a hearing Maloney held on PRIA.

Insurance Business America published an analysis of White's testimony and examined PIA National's position on PRIA, noting that PIA National is calling for is a public-private partnership through which the federal government and private industry will unite to provide compensation for business interruption losses resulting from future pandemics or public health emergencies.

"PIA National believes that keeping a future pandemic from causing economic disaster requires a public-private partnership, and the insurance community can be a part of that solution," said White. Alluding to the Terrorism Risk Insurance Act (TRIA), the creation of which PIA National successfully advocated for in 2002, White noted "This is certainly very similar, where carriers feel that the severity and frequency [of losses] are not predictable, and they're concerned about industry surplus. The public-private partnership addresses that issue so that it should allow carriers to participate in this."





IVANS: Commercial Renewal Rates Continue Increase

IVANS, a division of Applied Systems, announced the Q3 2020 results of the IVANS Index™, the insurance industry's premium renewal rate index. Q3 results showed an increase in premium renewal rate change average across nearly all major commercial lines of business, including Commercial Auto, Business Owner's Policy, General Liability, Umbrella, and Commercial Property compared to Q3 2019; however, Workers' Compensation average premium renewal rate change remained in negative territory.

Commercial Auto, Business Owners Policy, Commercial Property, and Umbrella experienced lower average premium renewal rate for Q3 2020 relative to Q2 2020; General Liability and Workers' Compensation experienced flat to slightly higher average premium renewal rate quarter over quarter.







Does your agency have policies in place to take on a successful remote work environment? According to FlexJobs, remote work has grown by 159% over the last twelve years. Due to the current global crisis, remote work has become the new normal for many companies. Ready for Everything provides multiple resources to prepare insurance agents should their employees be displaced from the office over an extended period of time.

During a crisis, it is crucial to have a successful work from home environment to insure the smooth operation of business. Some resources of this program include:
  • Tools available to help teams collaborate
  • Tips on how to manage employees remotely
  • Guidance on how to protect information when out of the office
To learn more, visit: www.getreadyforeverything.com

Or

Attend a short webinar about Ready For Everything (recording available to all attendees)

Thank you to The PIA Partnership for making all of this possible! PIA Partnership companies include: Encompass Insurance, Erie Insurance, Liberty Mutual, Met Life Auto & Home, National General Insurance, Progressive Insurance, Selective Insurance Group, State Auto Insurance Companies, The Hanover Insurance Group, Travelers, and West Bend Mutual Insurance Company.