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."
READ MORE...
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."
PIA, National Underwriter Partner on 2018 Agent Survey
Following the success of
2017's Independent Agent Survey, PIA, in cooperation
with National Underwriter Property & Casualty and Flaspöhler Research, will
continue that partnership with a new survey.
Findings from the
2018 National Underwriter/PIA Independent Agent Survey will
provide deep, revealing insight into the challenges, needs, and demographics of
independent Property & Casualty insurance agents across the U.S.
The results of this project will be shared in print and online as a data-rich
cover feature of charts, graphs and editorial analysis in National Underwriter's
February print edition, as well as on
PropertyCasualty360.com and in PIA's member magazine,
PIA Connection.
"We are proud to once again conduct this survey that is regarded as an
authoritative benchmark and empowers independent agents to share with the entire
P&C industry exactly what's on their minds," said Shawn Moynihan, National
Underwriter's Editor-in-Chief. "Our alliance with PIA in this effort will help
us all gain broader perspective on the needs of the people who sell P&C products
every day, and will help inform our editorial coverage going forward as we continue
to serve them."
"PIA is pleased to once again partner with National Underwriter and Flaspöhler in
this groundbreaking survey, the size and scope of which provides our industry with
the most comprehensive and accurate picture of what professional independent
insurance agents need to best serve their P&C clients," said PIA National Executive
Vice President & CEO Mike Becker. "Independent agents are the preferred distribution
system for P&C products. Results of this survey will help them stay on top."
PIA agents can look for the e-mail invitation to the survey link beginning
this week.
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