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TAKE ACTION on NFIP Reauthorization!

The National Flood Insurance Program (NFIP) has a new expiration date of December 8, 2017. Congress is working on legislation to reauthorize the program beyond that date.

PIA National opposed legislation that passed out of the House Financial Services Committee over the summer because it would cut the Write-Your-Own (WYO) reimbursement rate by 3 percentage points. This will very likely lead to a cut in agent commissions, forcing agents who sell flood insurance through the NFIP to leave the program, and the NFIP will quickly become prohibitively expensive for agents who might otherwise enter the market.

PIA National has issued an action alert that can be found here. It is critical that independent agents contact their House members and Senators and ask that they oppose any legislation to reauthorize the NFIP that would cut the WYO reimbursement rate unless it includes a specific and robust protection for agent commissions.







PIA Members Tim Clements and Ross Henry
Weigh In on Louisiana Comp Blog Discussion
About Pie Insurance

Pie Insurance, a digitally-enabled direct distribution workers' compensation insurance business, recently launched its pricing tool at InsureTech Connect in Las Vegas. The company's initial product is an interactive "Price Predictor" that allows small and medium-sized businesses improved insight into their workers' compensation insurance premiums. In 2018, Pie will begin offering its own A.M. Best "A" rated insurance policies.

According to Pie, 65 percent of small businesses overpay relative to their empirical risk level by an average of 29 percent for workers' compensation insurance. And, the smaller the business, the more likely it is they are overpaying. Louisiana Comp Blog asked prominent local agents what they thought of this potentially disruptive technology.

"We call it the 'buy button' because any person off of the street can click the button and instantly have insurance coverage," Tim Clements of Clements Insurance Services said. "Allowing the average consumer to purchase their own coverage is not only a threat to the traditional agent, but it's a threat to the consumer him/herself. Knowing adequate limits that need to be carried as well as an understanding of the product is what the professional insurance agent offers; not to mention direct understanding of the risk in order to protect the carrier. These benefits, in addition to hands on personal service, cannot be provided by a computer underwriter."

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Upcoming PIA Events
10/24/2017 -- CPIA-2 Implement for Success @ 8:00 am
(Shreveport, LA)

11/01/2017 -- New Orleans Chapter Meeting

11/07/2017 -- CISR Personal Lines Misc (Lafayette, LA)

11/08/2017 -- CISR Life & Health Essentials (Baton Rouge, LA)

11/08/2017 -- Baton Rouge Chapter Flood Class

11/08/2017 -- Baton Rouge Chapter Meeting

11/09/2017 -- YIPS Glow Ball Tournament

11/09/2017 -- YIPS Glow Ball Tournament Sponsorship Opportunities

11/09/2017 -- CISR Commercial Casualty I (Kenner, LA)

11/14/2017 -- CPIA-3 Sustain Success @ 8:00 am
(Baton Rouge, LA)



More...
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Disaster Relief Center
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PIA Members Send Supplies to Puerto Pico

It's been a busy week in the mail room at PIA National!

Your contributions to the PIA Disaster Relief Fund are responsible for this shipment of supplies to Puerto Rico, which is still recovering from Hurricane Maria. Supplies will be sent to the Professional Insurance Agents of PR and the Caribbean - PIA for distribution. The first shipment includes nearly 1,500 batteries, portable showers, portable stoves, battery-powered fans, radios, and more! Additional shipments will follow. Thank you to our many contributors!

PIA of Puerto Rico and the Caribbean National Director Ariel Rivera recently expressed appreciation on Facebook: "Hi everyone. Thank you very much for all your thoughts and prayers. Hurricane Maria really devastated us. We will have a tough long road to recovery. I appreciate all the love and care you have showed me. I feel blessed and fortunate for having the best colleagues in the world. Blessings to all, Ariel."

If you haven't contributed to the fund yet, you can do so by submitting a contribution form or by contacting the PIA office at 703-836-9340. The supplies will be delivered to the PIA of Puerto Rico office as soon as possible, for distribution on the island.




Hurricane Nate Insured Losses $500 Million

Insured losses caused by Hurricane Nate could total about $500 million, according to catastrophe modeler Karen Clark & Co. Gulf of Mexico oil and natural gas production is likely to recover fully by the end of the week, because Nate dealt little to no damage to offshore platforms, said Andrew Lipow of Lipow Oil Associates. With the loss expected to be in the millions and not the billions, analysts have said that Nate will likely be more of a hit to primary players than reinsurance companies.

Nate made landfall on Saturday in southeast Louisiana, near the mouth of the Mississippi River, as a Category 1 system. It made landfall again hours later, this time near Biloxi, with roaring wind and heavy rain, and dragged in flooding, then was quickly downgraded.

Victims of Hurricane Nate are urged to document damage and file their insurance claims as quickly as possible. The Mississippi Insurance Department's (MID) consumer services division is ready to assist policyholders with their claims. Anyone having problems reaching their agent or insurance company or filing their claim should call the MID Consumer Services toll-free number at 1-800-562-2957.

"Hurricane Nate has been a gentle reminder to us that just because we haven't had a devastating hurricane in 12 years, the threat still exists," said Insurance Commissioner Mike Chaney. "Early reports indicate no major damage; however, we urge anyone with damage to document it and file their insurance claims as quickly as possible."




Thanks to Our 2017 PIA Partners:

Capital Premium Financing


Excalibur National Insurance Company


LUBA Workers' Comp

Markel FirstComp

SageSure Insurance Managers, LLC

Stonetrust Commercial Ins. Co.