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Political Pressure to Reopen Mounts — How do We Feel about it?

Posted By Administration, Tuesday, April 28, 2020



The Associated Press (AP) and NORC did a poll a week ago on how we all feel about reopening the country. Most of us think our government — state and local — is doing a very good job. Few of us think it will be safe to lift the in place restrictions and reopen things anytime soon.

We don’t — however — think all that highly of how the federal government is doing things. Overall, here are the questions and answers:

Do you approve of how government is handling the Coronavirus outbreak:

State government:
April — 63%
March — 57%

Local or city government:
April — 63%
March — 54%

The federal government :
April — 40%
March — 38%

Leaders in Congress
April — 28%
March — 31%

Do you favor doing the following:

Requiring restaurants and bars to close:
April — 76%
March — 76%

Requiring people to postpone non-essential medical care:
April -- 68%
March — 72%

Requiring all to stay in their home except for essential errands:
April — 80%
March — 78%

Requiring all of us to limit gatherings to 10 or fewer people:
April — 82%
March — 84%

How do you feel about the restrictions:
61% they are just right
12% say they go too far
26% say they don’t go far enough

Same question broken down by political party:
22% of Republicans think restrictions have gone too far
5% of Democrats feel that way
56% of both parties don’t think it will be safe to lift restrictions for a couple of weeks
62% of Republicans think things are just about right
59% of Democrats feel that way

Things are different — but not radically different — when a political party is introduced. Here is the breakdown:

Requiring bars and restaurants to close:
Democrats — 84%
Republicans — 70%
Independents — 72%

Requiring people to postpone non-essential medical care:
Democrats — 76%
Republicans — 62%
Independents — 63%

Requiring all to stay in their home except for essential errands:
Democrats — 91%
Republicans — 70%
Independents — 73%

Requiring all of us to limit gatherings to 10 or fewer people:
Democrats — 89%
Republicans — 75%
Independents — 76%

Where things get completely different is when looking at government performance. Partisanship — as you know — drive the answers to the poll’s questions.

The question on how the federal government handled the pandemic:
60% of Republicans approve
Just 25% of Democrats approve

State governments
73% of Democrats approve
59% of Republicans approve

Local governments:
58% of Republicans approve
71% of Democrats approve

The poll was conducted between April 16 and April 20th.

Source link: Associated Press


Tags:  Associated Press poll  business closure  business reopen  federal government  government  reopen the country  state government 

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Movement about the U.S. — Part 4: The Most Family Friendly States

Posted By Administration, Tuesday, April 28, 2020



In the last four weeks Weekly Industry News has been looking at movement about the country. Week one looked at where people are moving from. The second week checked where they are moving to and last week Weekly Industry News looked at where people are going for jobs.

The statistics came from an annual moving survey done by United Van Lines. The company moves an average of 110,000 families a year.

Our last focus is on the states that are most attractive to families and why. Four PIA Western Alliance states are in the top-20 most popular states. They are Montana, Alaska, Arizona and New Mexico.

Here are the top-states:

1. New Hampshire

New Hampshire has the lowest poverty rate in the country. In the last five-years the unemployment rate — until the COVID-19 pandemic — averaged 2.8%.That’s the second-best rate in the nation.

As for business, corporate taxes in New Hampshire are 23% below the national average.

2. Montana

Until the Coronavirus hit, Montana’s unemployment rate was predicted to average 3.25% in 2020. Education is excellent in the Treasure State. High school graduation ranks third in the country.

As for business, the Kauffman Foundation says Montana ranks eighth in the nation for new entrepreneurs. A big plus, Montana has the fourth shortest commute time in the country at just 18-minutes.

Agriculture remains the top industry in the state and the state’s major employer. Close to 66% of Montana’s land is dedicated to farming, cattle, sheep or other agricultural businesses.

3. Missouri

Jobs in food processing, aerospace, chemicals, printing and publishing, electrical equipment and beer are employment attractions. Monsanto is there and so are a growing number of biotechnology businesses.

For cost of living, Missouri can’t be beat. It ranks third best in the nation.

4. Minnesota

Minnesota’s economic hub is Minneapolis-St. Paul. About 65% of the people in the state live there. Target, U.S. Bankcorp, General Mills, 3M and Medtronic are headquartered in Minneapolis-St. Paul.

Over 90% of the people in Minnesota have high school degrees and the state is 9th in college attainment. The state has great schools, people are very healthy and there are lots of opportunities for leisure and sports.

Forbes ranks Minnesota as third best in the country for quality of life.

5. Michigan
6. Hawaii

7. Alaska

The PIA Western Alliance state of Alaska has an unusual economy. Estimates are that oil and gas account for 80% of the state’s revenue. It has been great for the economy and a family draw but there are now dark clouds on the horizon.

For one, Alaska is one of two economies in the nation that has gone down and not up. Wyoming is the other economy.

Part of the problem is a drop in employment. Alaska has the worst in the country at 6.35%. Worse, job growth is nil. Yet, while net migration is down and is also the worst in the nation, families are still flocking to the state.  

8. Indiana
9. Texas
10. District of Columbia

14. Arizona

Economic growth for Arizona is off the charts. Over the next five-years it is expected to be one of the best in the nation. Plus, population growth — currently — is the third fastest in the country and will be through 2022.

That means a strong employment picture.

People also love the warm climate and businesses like an equally warm and business-friendly climate.

19. New Mexico

New Mexico has it all. Oil and gas production, federal government employment and facilities and tourism drive the economy. Two federal technology labs — Los Alamos National Laboratory and Sandia National Laboratories — are the largest employers in the state.

The weak labor supply has hurt the economy and is the sixth worst in the nation. Quality of life also suffers a bit with low school test scores and a high crime rate.

Still, it’s a great place for families and United Van Lines says a lot of them are moving to New Mexico.

Source link: Forbes

Tags:  jobs  Moving  PIA Western Alliance  popular states  United Van Lines  US states  Weekly Industry News 

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Around the PIA Western Alliance States

Posted By Administration, Tuesday, April 28, 2020

California — COVID-19 & Work Comp Costs: California is looking at expanding workers’ compensation to include essential workers infected by the COVID-19 virus. That could up the state’s workers’ compensation costs to $33.6 billion.

Doing that will make that portion of the total bill as much as 61%.

This figure came from the Workers Compensation Insurance Rating Bureau of California and is a response to an edit by the California State Assembly Insurance Committee. The WCIRB defined these as health care workers, firefighters, emergency responders, front-line law enforcement officers and other essential critical infrastructure employees.

In total the state has 6.8 million workers in 16 different sectors that are deemed as essential workers. The data says the average cost will hit $1,500 with severe claims going as high as $51,000. Critical cases could top $127,000 on average.

Source link: Business Insurance

Idaho — Complying with Regulatory Requirements during the Public Health Emergency: This bulletin is to inform all insurance companies of flexibility regarding compliance with regulatory requirements during the COVID-19 public health emergency. This flexibility is being provided in part to recognize that Idaho and other states anticipate using additional targeted information requests to gather more specific information and your prompt attention to those matters is appreciated.
 
On March 13, 2020, Governor Brad Little declared a state of emergency due to the occurrence and imminent threat to public health and safety arising from the effects of the 2019 novel coronavirus (“COVID-19”). This declaration states, in part:
 
State agencies and departments are directed to utilize state resources and to do everything reasonably possible to assist affected political subdivisions in an effort to respond to and recover from the 2019 novel coronavirus (COVID-19).
 
****
 
State licensing agencies and departments are authorized to temporarily exercise enforcement discretion, implement temporary rules, and waive licensing and related requirements to maximize access to health care services and provider support in response to COVID-19.
 
The emergency proclamation has the force and effect of law. Idaho Code section 46-1008.
 
The Director of the Department of Health and Welfare issued an Order to Self-Isolate based on the COVID-19 emergency on March 25, 2020. These pandemic conditions make compliance with regulatory requirements more challenging.
 
Therefore, pursuant to sections 41-210(2) and 41-210(5), Idaho Code, the Department hereby notifies all authorized insurers of flexibility regarding compliance with regulatory requirements.
 
Regulatory Filing Deadlines
At this time, companies are still required to make all required electronic filings with the NAIC (e.g., quarterly financial statements, audited financial statements), or for those that are not filed with the NAIC but to the Department analyst assigned to your company. However, upon a request from an insurer, the Department may allow insurers additional time to complete the following filings, as described below. The Department reserves the right to reject any such individual company requests based upon the financial condition and unique circumstances of that company deemed applicable to that company. If your company believes that it will not be able to meet any of the original financial filing deadlines as shown below, please submit your request for extension of specific deadlines to Nathan Faragher and Weston Trexler at the Department at Nathan.Faragher@doi.idaho.gov and Weston.Trexler@doi.idaho.gov.
 
Filings with a Potential 30-day Extension
 
May 1, 2020 - Combined Annual Statement Filing (Property)
May 1, 2020 - Combined Insurance Expense Exhibit (Property)
June 1, 2020 - Accountant’s Letter of Qualifications (Property, Life/Fraternal, Health, Title)
Aug. 15, 2020 - PBR Exemption filing due to state 7/1 and to NAIC 8/15 (Life/Fraternal)
 
Filings with a Potential 60-day Extension
 
June 1, 2020 - Audited Financial Report (Property, Life/Fraternal, Health, Title)
Aug. 1, 2020 - Communication of Internal Control Related Matters Noted in Audit (Property, Life/Fraternal, Health, Title)
June 1, 2020 - Corporate Governance Annual Disclosure (CGAD)
December 31, 2020 - Own Risk and Solvency Assessment (ORSA) Summary Report
June 1, 2020 - Form B Registration Statement & Related Form C
June 1, 2020 - Risk Assessment Report (Form F)
 
The filing deadlines for the components of the 2019 annual filings that, if applicable, should be submitted only to an insurer’s state of domicile are as follows:
 
Apr. 30, 2020 - Actuarial Memorandum Required by Actuarial Guideline XXXVIII 8D (Life/Fraternal)
Aug. 1, 2020 - Management’s Report of Internal Control Over Financial Reporting (Property, Life/Fraternal, Health, Title)
 
Filings with a Potential 30-day Extension
 
The NAIC filing deadlines and requirements for the 2020 quarterly electronic filings are as follows, all due May 15, 2020:
 
Quarterly Statement Filing as of March 31, 2020 (Property, Life/Fraternal, Health, Title)
Trusteed Surplus Statement – Quarter Ending March 31, 2020 (Property, Life/Fraternal)
Supplement A to Schedule T (Medical Professional Liability Supplement) – Quarter Ending March 31, 2020 (Property)
Medicare Part D Coverage Supplement – Quarter Ending March 31, 2020 (Property, Life/Fraternal, Health)
Merger/history quarterly form, if applicable (Property, Life/Fraternal, Health, Title) (electronic txt file only)
Reasonableness of Assumptions Certification Required by Actuarial Guideline XXXV – Quarter Ending March 31, 2020 (Life/Fraternal)
Reasonableness and Consistency of Assumptions Certification Required by Actuarial Guideline XXXV – Quarter Ending March 31, 2020 (Life/Fraternal)
Reasonableness of Assumptions Certification for Implied Guaranteed Rate Method Required by Actuarial Guideline XXXVI – Quarter Ending March 31, 2020 (Life/Fraternal)
Reasonableness and Consistency of Assumptions Certification Required by Actuarial Guideline XXXVI (Updated Average Market Value) – Quarter Ending March 31, 2020 (Life/Fraternal)
Reasonableness and Consistency of Assumptions Certification Required by Actuarial Guideline XXXVI (Updated Market Value) – Quarter Ending March 31, 2020 (Life/Fraternal)
Director and Officer Insurance Coverage Supplement – Quarter Ending March 31, 2020 (Property)
 
Electronic Filings and Signatures
The Department generally instructs companies to file certain documents in hard copy form with original (wet) signature, and in some cases sent via certified mail or first-class and with notary requirements. The hard copy, original signature, and related filing requirements are currently waived. However, companies are expected to keep a list of all filings that were made electronically in lieu of hard copy filings so that they can file all the hard copies within 60 days after the state has allowed a return to work. The Department expects electronic communication will be used by companies on all other financial related communication, with hard copies provided within 60 days if required by law.
 
On-site Examinations
Some insurers have inquired whether the Department will continue to conduct on-site examinations during the COVID-19 pandemic. The Department will not conduct any on-site examination work that is contrary to the spirit of any public health directive. As a result, insurers should be aware that the Department may need to request more information in electronic form. The Department expects independent auditors will take a similar position which may constitute good cause for filing extensions. The Department acknowledges that company response times may be slower as more company employees work from home.
 
Idaho — Questions and Answers: The Department has received significant questions and concerns about whether business property insurance policies that cover business interruption losses apply to businesses that have been closed as a result of the COVID-19 emergency.

This Bulletin provides a general overview of this type of coverage and the types of policy provisions that consumers have the most questions about. This Bulletin also provides guidance to property and casualty agents and carriers about the Department’s expectations about how business interruption claims should be handled.

This Bulletin is not an exhaustive discussion of issues related to business interruption coverage. Additionally, the Department may issue additional bulletins on this topic as issues arise. Furthermore, the Department has posted an FAQ on this subject on its website.

The Department encourages policyholders to review their policies and to contact their agent or carrier to discuss their coverages. If afterwards a policyholder still has questions or concerns, please contact the Department’s Consumer Affairs team at (208) 334-4319 or (800) 721-3272 or at doi.idaho.gov/consumer.

Business Interruption Coverage

The Department recognizes that all business interruption policies are not identical, and the coverage provided by a given policy depends on the specific wording of the contract. However, the following principles generally apply.

Business interruption insurance is typically an optional coverage that can be purchased to protect businesses against income losses incurred when the business is fully or partially shut down as a result of sustaining a covered loss. The policies typically pay when the following four elements are met:

The policyholder has sustained physical damage to insured property;
The damage is caused by a covered peril;
The damage results in quantifiable business losses; and
The losses take place during the time it takes to restore the property.

Virus or Communicable Disease Exclusions

Some policies may expressly exclude payment for damage caused by viruses or communicable diseases. They may either contain clauses stating that viruses and communicable diseases are not a form of physical damage, or that viruses and communicable diseases are not a covered peril and therefore may not be covered. Any given policyholder’s loss may warrant review to determine applicability of specific exclusion language.

Civil Authority Clauses

In some cases, business interruption coverage contains a “civil authority” clause. Like other business interruption coverage, this clause may require physical damage to property caused by a covered peril, but not necessarily the insured’s property or at the insured location. Dependent on the specifics of a given policyholder’s situation and policy language, there may be coverage for closure of the business because of an action by a governmental entity (a “civil authority”) because of health and safety concerns, so long as the covered physical loss or damage has occurred.

Instructions to Carriers Regarding the Reporting of Negative Claims

Because of the magnitude and unprecedented nature of COVID-19 related losses, policyholders should not be penalized for attempting to determine the boundaries of their coverage. The Department instructs insurance carriers that they shall not report as negative claims activity or report as a claim denial when an insured or policyholder contacts the company or its agent or broker to ask about business interruption coverage for COVID-19 under its policy.

Due Diligence and Good Faith in the Evaluation of Claims

The Department strongly encourages carriers to consider all the foregoing factors, at a minimum, when determining whether coverage exists in any given situation. Each situation must be considered on a case-by-case basis. The Department reminds carriers of their responsibility to act in good faith when dealing with their insureds.

Idaho — Extension of Transitional Plans Until Further Notice:
This Bulletin to carriers in the employer and individual health insurance markets provides guidance regarding the extension of non-grandfathered transitional plans (also known as “grandmothered” plans).
 
Bulletin No. 13-05 addressed carriers continuing to offer grandmothered individual and small employer policies in existence on October 1, 2013 at their 2014 renewal. Subsequent federal guidance allowed for further extensions of these plans, which the Department chose to allow. The latest CMS guidance, released January 31, 2020, allows states the option of extending the grandmothered plans through December 31, 2021.
 
CMS has extended these plans on an annual basis since 2013. Recognizing the likelihood of future extensions from CMS, the Department, through this Bulletin No. 20-01, provides for grandmothered plans in the Idaho individual and small group markets to be extended until and unless such extensions are no longer permitted by CMS or the Department rescinds or replaces this bulletin. If CMS fails to authorize any further extensions, the Department will notify carriers that the grandmothered plans can no longer be renewed, and will include applicable dates, noticing requirements and any other relevant information.  
 
The grandmothered plans must continue to comply with the following ACA provisions:
 
Elimination of annual dollar limits on EHB as defined by the Idaho benchmark plan, to the extent the grandmothered plans cover EHB
No pre-existing condition exclusion (small groups)
Waiting periods not to exceed 90 days (small groups)
Mental health parity rules (individual plans)
 
Carriers must continue to abide by the requirements of Bulletin No. 16-03, ensuring all grandmothered plans remain on a calendar year renewal schedule, Bulletin No. 18-02, regarding the treatment of autism spectrum disorder, and other guidance as applicable.
 
Carriers are required to provide a notice at renewal which informs the individual or small employer of the option to renew the existing coverage or to enroll in a new plan on or off Your Health Idaho, and also includes the information that some ACA market reforms are not included in their current plans. The notices, available on the Department website for both individual and small group grandmothered plans, must be used without modification, and must be mailed without any other materials except for a cover letter, which may include the renewal premium.
 
If you have questions concerning this bulletin, please contact Kathy McGill or Wes Trexler at the Department of Insurance.

Oregon — Colorado and Nevada Join Western States Pact: Colorado Governor Jared Polis and Nevada Governor Steve Sisolak today announced their respective states are joining California, Oregon and Washington in the Western States Pact––a working group of Western state governors with a shared vision for modifying stay at home and fighting COVID-19.

“As Western states, we are all in this together,” said Governor Kate Brown. “Each of our states took quick and decisive action, based on science and data, to stop the spread of COVID-19. In the same way that we share expertise and help one another during wildfire season, we will work together as we recover from the impacts of this pandemic––with a shared vision, a common purpose, and individual paths forward tailored to the needs of our states––to reopen our communities and economies, and prepare our constituents for a safe return to public life.”

“Coloradans are working together to slow the spread of COVID-19 and have important information to share with and to gain from other states," said Governor Polis. "I’m thrilled Colorado is joining the Western States Pact. There’s no silver bullet that will solve this pandemic until there is a cure so we must have a multifaceted and bold approach in order to slow the spread of the virus, to keep our people safe and help our economy rebound.”

“I’m honored to have the State of Nevada join the Western States Pact and believe the sharing of critical information and best practices on how to mitigate the spread, protect the health and safety of our residents, and reopen responsibly will be invaluable as we chart our paths forward," said Governor Sisolak. "Millions of visitors from our fellow Western states travel to Nevada every year as a premier tourism destination, and this partnership will be vital to our immediate recovery and long term economic comeback.”

California Governor Gavin Newsom, Oregon Governor Kate Brown and Washington Governor Jay Inslee recently announced they would be working together under a shared vision for gradually modifying their state’s stay at home orders and fighting COVID-19. They listed three shared principles as foundational to the agreement:

• Our residents’ health comes first. As home to nearly one in five Americans and gateway to the rest of the world, the West Coast has an outsized stake in controlling and ultimately defeating COVID-19.

• Health outcomes and science – not politics – will guide these decisions. Modifications to our states’ stay at home orders must be made based off our understanding of the total health impacts of COVID-19, including: the direct impact of the disease on our communities; the health impact of measures introduced to control the spread in communities—particularly felt by those already experiencing social disadvantage prior to COVID-19; and our health care systems’ ability to ensure care for those who may become sick with COVID-19 and other conditions. This effort will be guided by data. We need to see a decline in the rate of spread of the virus before large-scale reopening, and we will be working in coordination to identify the best metrics to guide this.

• Our states will only be effective by working together. Each state will work with its local leaders and communities within its borders to understand what’s happening on the ground and adhere to our agreed upon approach.

As part of the Western States Pact, the Governors commit to working together toward the following four goals:

• Protecting vulnerable populations at risk for severe disease if infected. This includes a concerted effort to prevent and fight outbreaks in nursing homes and other long-term care facilities.

• Ensuring an ability to care for those who may become sick with COVID-19 and other conditions. This will require adequate hospital surge capacity and supplies of personal protective equipment.

• Mitigating the non-direct COVID-19 health impacts, particularly on disadvantaged communities.

• Protecting the general public by ensuring any successful lifting of interventions includes the development of a system for testing, tracking and isolating. The states will work together to share best practices.

https://www.oregon.gov/newsroom/Pages/NewsDetail.aspx?newsid=36507

Oregon — State extends emergency order for insurance deadlines:The Oregon Department of Consumer and Business Services has extended its emergency order on insurance deadlines until at least May 23.
 
Insurance companies must continue to do the following until the order is no longer in effect:
Institute a grace period for premium payments on all insurance policies issued in the state
Suspend all cancellations and nonrenewals for active insurance policies
Extend all deadlines for consumers to report claims and communicate about claims
Provide consumers the ability to make premium payments and report claims while maintaining safe social distancing standards
The order is effective through at least May 23. If necessary, the department may extend the duration of this temporary order.
 
For more information:
Read the extension of the emergency order
Read the emergency order FAQs
View the COVID-19 regulated businesses page

Oregon — The Oregon Division of Financial Regulation has published the following: Bulletin No. DFR 2020-12: Implementation of 60-day advance notice of specified prescription drug price increases as required by 2019 House Bill 2658

Purpose

This Bulletin provides guidance on the form and manner of reports due from pharmaceutical manufacturers at least 60 days in advance of specified increases in the price of prescription drugs, and clarifies the Department of Consumer and Business Services, Division of Financial Regulation's approach to implementing the reporting program under HB 2658.
 
To read this and other bulletins and get more information, please visit the Division of Financial Regulation's Bulletins page at:

https://dfr.oregon.gov/laws-rules/Documents/Bulletins/bulletin2020-12.pdf

Oregon — Bulletin No. DFR 2020-11: The Division of Financial Regulation has received questions from insurers about how to address the changes in exposure due to the COVID-19 emergency orders. Some of these questions have included adding coverage for people using their vehicles differently and temporary rate reductions from decreased claim exposure. This document provides guidance for insurers on how to inform the division about proposed changes and required communications with policyholders.


Tags:  Around the PIA Western Alliance States  Idaho Department of Insurance  insurance news  Oregon Department of Insurance  Oregon Governor Kate Brown  PIA Western Alliance 

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Small Business Interruption — PIA says No to Congress & the President

Posted By Administration, Tuesday, April 21, 2020



President Trump recently suggested that insurers — whether the policies call for it or not — pay some of the business interruption dollars being suggested by some state Legislatures and some members of Congress.

PIA National says that is a very, very bad idea. The association is one of the many insurance groups opposing the idea and legislation being introduced in Congress to rewrite business interruption insurance policies.

Mike Becker — PIA National’s executive vice president and CEO — said the current bill being suggested by California Democrat Rep. Mike Thompson and by Pennsylvania Republican Rep. Brian Fitzpatrick is a bad idea. “PIA is deeply engaged in wide-ranging efforts to assist the business community during this national crisis. Unfortunately, these two bills would apply business interruption coverage where it doesn’t exist, exacerbating existing disruptions and further delaying our nation’s economic recovery,” Becker said.

All this is likely to do is insert more insecurity into an economic system that is undergoing serious struggle. PIA National’s vice president of government relations is Jon Gentile. He, too, is concerned.

“PIA believes policymakers should pursue legislative solutions that raise up all struggling businesses, not create statutory winners and losers. Proposals that deprive about two-thirds of all small businessowners of financial assistance are unacceptable,” Gentile said. “Policymakers should ensure all small businesses receive relief during this challenging time.”

The PIA supports the establishment of the COVID-19 Business and Employee Continuity and Recovery Fund (Recovery Fund). If Congress passes the bill it will be housed in the U.S. Department of the Treasury. The fund is modeled after the September 11th Victim Compensation Fund.

It will be tasked with providing short-term liquidity for small businesses to help them stay solvent.

“The Recovery Fund offers a solution to the current crisis facing small businesses and their employees, without rewriting insurance contracts and without depriving about two thirds of all small businesses of help. PIA rejects this limited business interruption proposal and calls on Congress to instead make policy that aids all suffering businesses during this difficult time by passing the Recovery Fund into law,” Gentile said.

In the Senate Senators Tim Scott of South Carolina, Mike Crapo of Idaho, Thom Tillis of North Carolina, Mike Rounds of South Dakota, Pat Toomey of Pennsylvania, Ben Sasse of Nebraska and David Perdue of Georgia have said attempts to rewrite business interruption policies ought not happen. They sent a letter to the president telling him to back off such a suggestion and told the president that business interruption insurance “typically does not cover pandemics absent an explicit rider, insureds under these policies were never charged premiums for that risk and insurers did not reserve for or hold capital against the potential future loss.”

They also don’t think a government backstop is needed for future pandemics.

“We remain very skeptical that any such proposal would be able to provide the appropriate coverage at an appropriate price for our nation’s small businesses,” the senators wrote. “We look forward to having a more substantive debate on this important topic once this current crisis has been resolved and when policymakers are better able to examine the needs of our small businesses and the potential policy options,” the letter added.

Others joining the fight to keep the bill from seeing the light of day are the National Association of Mutual Insurance Companies, the American Property Casualty Insurance Association, Reinsurance Association of America and the Council of Insurance Agents & Brokers.

They also sent a letter to members of Congress and said the idea “undermine existing protections for the business community and policyholders against risks that are currently covered under standard business interruption policies.”

Source links: PIA National, Business Insurance — link 1, link 2


Tags:  Business Interruption Insurance  business interruption legislation  Jon Gentile  Mike Becker CEO PIA National  PIA National opposes business interruption legisla  President Trump comment on business insurance 

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Small Business & Surviving COVID-19

Posted By Administration, Tuesday, April 21, 2020



Karen Mills headed the U.S. Small Business Administration from 2009 to 2013 under President Barack Obama. She is currently a senior fellow at the Harvard Business School. Lately Mills has been deeply involved in advising members of Congress and the nation’s business leaders on how to help small businesses during the pandemic.

She’s worried.

Mills says small business owners are facing a financial hardship that is worse than anything experienced by any of them during the Great Recession of 2009. “This is going to be orders of magnitude worse than the financial crisis,” she said. “Many small businesses will not survive more than a month.”

A lot of small businesses are reducing service or closing temporarily. But without regular cash flow, many of them, especially restaurants and small shops, will have to lay off employees. Even worse, many may close altogether.

“To many of these small businesses, daily cash flow is their lifeblood,” Mills noted. “Money in the door allows you to put money out the door.”

As emphasis as to how deeply affected small businesses are by the pandemic, the JP Morgan Chase Institute said the average small business has cash reserves of just 27 days. And with an estimated six to eight-weeks of the social distancing remaining, that could be catastrophic.

Here are statistics from the JPMorgan Chase survey of September 2016. It was titled a Survey on the Cash Reserves of Small Businesses:

Restaurants — 16 days
Repair & maintenance — 18 days
Retailers — 19 days
Construction — 20 days
Personal services — 21 days
Wholesalers — 23 days

Then a line that goes below the JPMorgan estimated average of 27 days

Metal and machinery — 28 days
Health care services — 30 days
High-tech manufacturing — 32 days
Other professional services — 33 days
High-tech services — 33 days
Real Estate — 47 days

Mills says the most vulnerable of businesses will not last that long but she’s hoping against hope that they do. “If small businesses can stay solvent, then we have a greater chance for a recovery after the virus threat subsides,” she says.

A survey of small businesses from the National Small Business Association found half saying customer demand is down and a third of them think their supplies will be disrupted once the social distancing is lifted. Here’s more:

    * 77% are very worried about the economic impact of the outbreak
    * 54% expect the US economy to go into a recession in the next 12 months
    * 49% say customer demand is down

What makes this most serious to the economy is that small businesses generate close to 2 million new jobs a year and account for 47% of the nation’s workforce. Mills says they also account for 44% of the nation’s gross domestic product.

“This (supporting small business) is the number one thing that we can do to keep our economy going during this particular crisis,” Mills added. “This is about helping small businesses, but it’s also about helping their employees and their families. They need to know that there will be a job and a paycheck when we get to the other side of this crisis.”

These are suggestions Mills is offering small businesses struggling during the pandemic:

    * Apply for Small Business Administration and disaster loans
    * Look for private sector and at fintech products for small business loans
    * Renegotiate contract terms and debt

Mills also says large companies and government agencies can help small businesses by simply paying outstanding bills. She suggests they not delay payments to conserve cash. This not only supports vendors but supports the U.S. economy.

“They should pay all of their invoices now and pay anything they can forward. The Apples of the world should take it as part of their civic responsibility. Small businesses are the very fabric of our communities, all across the country,” Mills said. “Days matter at this critical time. If we lose these small businesses, our communities are going to look very different when all is said and done, and it will take a long time to bring back the businesses we will have lost.”

Source link: Harvard Business School — https://hbswk.hbs.edu/item/how-small-businesses-can-survive-the-coronavirus-outbreak

Small Business & Surviving COVID-19

Karen Mills headed the U.S. Small Business Administration from 2009 to 2013 under President Barack Obama. She is currently a senior fellow at the Harvard Business School. Lately Mills has been deeply involved in advising members of Congress and the nation’s business leaders on how to help small businesses during the pandemic.

She’s worried.

Mills says small business owners are facing a financial hardship that is worse than anything experienced by any of them during the Great Recession of 2009. “This is going to be orders of magnitude worse than the financial crisis,” she said. “Many small businesses will not survive more than a month.”

A lot of small businesses are reducing service or closing temporarily. But without regular cash flow, many of them, especially restaurants and small shops, will have to lay off employees. Even worse, many may close altogether.

“To many of these small businesses, daily cash flow is their lifeblood,” Mills noted. “Money in the door allows you to put money out the door.”

As emphasis as to how deeply affected small businesses are by the pandemic, the JP Morgan Chase Institute said the average small business has cash reserves of just 27 days. And with an estimated six to eight-weeks of the social distancing remaining, that could be catastrophic.

Here are statistics from the JPMorgan Chase survey of September 2016. It was titled a Survey on the Cash Reserves of Small Businesses:

Restaurants — 16 days
Repair & maintenance — 18 days
Retailers — 19 days
Construction — 20 days
Personal services — 21 days
Wholesalers — 23 days

Then a line that goes below the JPMorgan estimated average of 27 days

Metal and machinery — 28 days
Health care services — 30 days
High-tech manufacturing — 32 days
Other professional services — 33 days
High-tech services — 33 days
Real Estate — 47 days

Mills says the most vulnerable of businesses will not last that long but she’s hoping against hope that they do. “If small businesses can stay solvent, then we have a greater chance for a recovery after the virus threat subsides,” she says.

A survey of small businesses from the National Small Business Association found half saying customer demand is down and a third of them think their supplies will be disrupted once the social distancing is lifted. Here’s more:

    * 77% are very worried about the economic impact of the outbreak
    * 54% expect the US economy to go into a recession in the next 12 months
    * 49% say customer demand is down

What makes this most serious to the economy is that small businesses generate close to 2 million new jobs a year and account for 47% of the nation’s workforce. Mills says they also account for 44% of the nation’s gross domestic product.

“This (supporting small business) is the number one thing that we can do to keep our economy going during this particular crisis,” Mills added. “This is about helping small businesses, but it’s also about helping their employees and their families. They need to know that there will be a job and a paycheck when we get to the other side of this crisis.”

These are suggestions Mills is offering small businesses struggling during the pandemic:

    * Apply for Small Business Administration and disaster loans
    * Look for private sector and at fintech products for small business loans
    * Renegotiate contract terms and debt

Mills also says large companies and government agencies can help small businesses by simply paying outstanding bills. She suggests they not delay payments to conserve cash. This not only supports vendors but supports the U.S. economy.

“They should pay all of their invoices now and pay anything they can forward. The Apples of the world should take it as part of their civic responsibility. Small businesses are the very fabric of our communities, all across the country,” Mills said. “Days matter at this critical time. If we lose these small businesses, our communities are going to look very different when all is said and done, and it will take a long time to bring back the businesses we will have lost.”

Source link: Harvard Business School


Tags:  JPMorgan Chase small business survey  Karen Mills  PIA Western Alliance  Small Business  small business & COVID-19  small business survival  US Small Business Administration  Weekly Industry News 

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Working from Home — A New Reality?

Posted By Administration, Tuesday, April 21, 2020



The COVID-19 virus has a lot of us working from home. It now has a whole lot of us much more interested in the topic than before March of this year when the quarantines began. Some are wondering if this is the event that pushes employers to finally see the advantages of having employees working from home — permanently.  

For one thing, office space is expensive. Many service-oriented businesses could theoretically have their employees working from home thus reducing the amount of space needed.

Another positive is it being an employee perk. Commuting to work can be expensive. Working from home a few days — or entirely — from home is a nice bonus. And it is fairly easy with today’s technology to do company meetings by phone or video conferencing.

Email and texting make it easy for supervisors to stay in touch with those they supervise.

There are more positives but you get the picture.

A company called Global Workplace Analytics is considered the top expert in this blossoming new field. Kate Lister is the company’s president. She has studied working from home for a decade and has written several books on the topic including Undress for Success: The Naked Truth About Working From Home and a chapter from the just-released John Messenger book calledTelework in the 21st Century.

Lister says she loves sharing what she knows about working from home — or telecommuting — with anyone who’s interested.

This information was generated by Lister and comes from her company’s analysis of the U.S. Census Bureau’s American Community Survey (ACS) from 2005 until 2018. The New ACS figures will be released in September and October of this year.

The figures come from just one question: What was your primary means of transportation to work during the survey week? One of the choices offered is “worked at home.”

Lister says what we don’t know from the answer is how much they worked from home.

By the way, Lister also notes that a lot of companies are no longer using the term teleworking or telecommuting. They are using terms like remote work, mobile work, distributed work, smart working and workshifting.

Here are some stats that Lister and her firm gathered. We found them fascinating and think you will as well.

Point one — how many employees (pre-pandemic) currently work from home:

    * 5 million — or 3.6% of the workforce work half-time or more
    * Working from home has grown 173% since 2005
    * That is 11% faster than the rest of the work force which grew 15%
    * It is 47% times faster than the self-employed population which grew 4%
    * 43% of us work from home with some sort of frequency
    * 56% of us have jobs where we could work from home or remotely
    * 62% of employees think they could work from home or remotely
    * 80% of employees want to work from home at least some of the time
    * 35% of employees say they’d change jobs to work full-time remotely
        * 47% of millennials say that
        * 31% of baby boomers would
    * 37% would change jobs if they could work part-time remotely
        * 50% of millennials would
        * 33% of baby boomers agree
    * Flexibility is the top benefit listed by employees
    * 33% of employees would accept a pay cut of up to 5% to work remotely
        * 25% would take a 10% cut
        * 20% would take an even higher cut

Point two — who is telecommuting:

    * Most are college educated
    * They average age 45 and higher
    * They earn an average salary of $58,000 a year at a company size of over 100
    * 75% of those working from home earn over $65,000 a year

Point three — employers:

    * 40% more employers offer flexible work remotely options than five-years ago
    * Just 7% offer those options to all employees
    * 69% will offer remote work to some employees on an as-needed basis
    * 42% will offer it part time
    * 27% will offer remote work full time
    * Larger employers are more likely to offer telecommuting options
    * Full-time employees are 4x more likely to get work-at-home options
    * Non-union workers are 2x more likely to be offered telecommuting options

Lister’s analysis sums up the benefits to both employers and employees. She says — based on conservative assumptions — the typical employer can save an average of $11,000 per year per employee if they only telecommute half the time.

The savings come from — as noted earlier — real estate costs, less absenteeism and reduced turnover.

Employees love telecommuting because it saves them $2,500 to $4,000 a year in travel costs, parking and food. A half-time commuter saves 11 work day expenses a year. Those with longer, more extreme commutes save three-times that.
 
Source link: Global Workplace — https://globalworkplaceanalytics.com/telecommuting-statistics

Working from Home — A New Reality?

The COVID-19 virus has a lot of us working from home. It now has a whole lot of us much more interested in the topic than before March of this year when the quarantines began. Some are wondering if this is the event that pushes employers to finally see the advantages of having employees working from home — permanently.  

For one thing, office space is expensive. Many service-oriented businesses could theoretically have their employees working from home thus reducing the amount of space needed.

Another positive is it being an employee perk. Commuting to work can be expensive. Working from home a few days — or entirely — from home is a nice bonus. And it is fairly easy with today’s technology to do company meetings by phone or video conferencing.

Email and texting make it easy for supervisors to stay in touch with those they supervise.

There are more positives but you get the picture.

A company called Global Workplace Analytics is considered the top expert in this blossoming new field. Kate Lister is the company’s president. She has studied working from home for a decade and has written several books on the topic including Undress for Success: The Naked Truth About Working From Home and a chapter from the just-released John Messenger book calledTelework in the 21st Century.

Lister says she loves sharing what she knows about working from home — or telecommuting — with anyone who’s interested.

This information was generated by Lister and comes from her company’s analysis of the U.S. Census Bureau’s American Community Survey (ACS) from 2005 until 2018. The New ACS figures will be released in September and October of this year.

The figures come from just one question: What was your primary means of transportation to work during the survey week? One of the choices offered is “worked at home.”

Lister says what we don’t know from the answer is how much they worked from home.

By the way, Lister also notes that a lot of companies are no longer using the term teleworking or telecommuting. They are using terms like remote work, mobile work, distributed work, smart working and workshifting.

Here are some stats that Lister and her firm gathered. We found them fascinating and think you will as well.

Point one — how many employees (pre-pandemic) currently work from home:

    * 5 million — or 3.6% of the workforce work half-time or more
    * Working from home has grown 173% since 2005
    * That is 11% faster than the rest of the work force which grew 15%
    * It is 47% times faster than the self-employed population which grew 4%
    * 43% of us work from home with some sort of frequency
    * 56% of us have jobs where we could work from home or remotely
    * 62% of employees think they could work from home or remotely
    * 80% of employees want to work from home at least some of the time
    * 35% of employees say they’d change jobs to work full-time remotely
        * 47% of millennials say that
        * 31% of baby boomers would
    * 37% would change jobs if they could work part-time remotely
        * 50% of millennials would
        * 33% of baby boomers agree
    * Flexibility is the top benefit listed by employees
    * 33% of employees would accept a pay cut of up to 5% to work remotely
        * 25% would take a 10% cut
        * 20% would take an even higher cut

Point two — who is telecommuting:

    * Most are college educated
    * They average age 45 and higher
    * They earn an average salary of $58,000 a year at a company size of over 100
    * 75% of those working from home earn over $65,000 a year

Point three — employers:

    * 40% more employers offer flexible work remotely options than five-years ago
    * Just 7% offer those options to all employees
    * 69% will offer remote work to some employees on an as-needed basis
    * 42% will offer it part time
    * 27% will offer remote work full time
    * Larger employers are more likely to offer telecommuting options
    * Full-time employees are 4x more likely to get work-at-home options
    * Non-union workers are 2x more likely to be offered telecommuting options

Lister’s analysis sums up the benefits to both employers and employees. She says — based on conservative assumptions — the typical employer can save an average of $11,000 per year per employee if they only telecommute half the time.

The savings come from — as noted earlier — real estate costs, less absenteeism and reduced turnover.

Employees love telecommuting because it saves them $2,500 to $4,000 a year in travel costs, parking and food. A half-time commuter saves 11 work day expenses a year. Those with longer, more extreme commutes save three-times that.
 
Source link: Global Workplace


Tags:  Author Kate Lister  Global Workplace Analytics  Kate Lister  telecommuting  Undress for Success: The Naked Truth About Working  Weekly Industry News  working from home 

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We Are Listening: Reader Comments — COVID-19 & PIA National

Posted By Administration, Tuesday, April 21, 2020


 

PIA National sent out a response on the business interruption push by some in Congress to enact retroactive coverage or to force insurers to pay business interruption costs even though this kind of business interruption is not in the policy.

The association — as you expect — opposes these tactics and joined with other insurance groups and some senators and sent a letter to the White House asking for support in their opposition to this kind of legislation.

Click here to read the PIA Legislative Advocacy paper. 

The PIA National Response got a response from a couple of PIA Western Alliance members.

The one that caught our eye the most is from John Kookootsedes. He is the CEO of IAG Insurance Services, IAG Risk Solutions and IAG Surety Services in Irvine, California. Here is what John wrote:

While I completely understand the concern for rewriting contracts and the potential unexpected consequences of such actions, the insurance industry needs to come up with something it’s for, not just against, if we want to avoid being painted as the “bad guy” in this crisis.

About a month ago IAG circulated a brief outline of how the federal government and the insurance industry could create a public/private partnership in the spirit of TRIA, following the tragedy of 9/11. This is a very simplistic outline, not designed to be implemented but instead created to spark a conversation. I urge our industry to come up with solutions — whether they resemble our idea of not — instead of just advocating for what insurance can’t do.

Click here to see our story on the study that Kookootsedes talked about in his comments here.


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Commentary: An Alternative Approach to Business Interruption

Posted By Administration, Tuesday, April 21, 2020



This is an article by Infinity Insurance Group (IAG) Chairman James G. Brakke, CEO John G. Kookootsedes and President Mark D. Walling. It comes from the executive summary on a study by IAG did on the COVID-19 business interruption controversy.

It was published on March 20th of this year.

PROBLEM

COVID-19 has created an alarming health care environment for the United States. Uncertainty surrounding the response to COVID-19 has created an immediate
FINANCIAL crisis for businesses across America. Big business will undoubtedly receive Federal assistance, but the greatest national vulnerability exists with small and medium businesses.

Commercial Property Insurance policies often provide “Business Interruption” insurance. However, policies require some form of physical loss as a coverage trigger. A virus such as COVID-19 doesn’t usually cause physical damage to property. A government mandated closure does not cause the insurance to respond either, since no physical damage occurs to the business.

ISSUES

The Federal Government is preparing plans and actions to help mitigate the financial disruption from the consequences of the coronavirus. One of those plans being discussed is the formation of a newly created government mechanism to provide some form of “Business Interruption” protection. While this may be a valid solution, within the insurance industry the platform already exists: Business Interruption coverage.

Those in business understand the inherent efficiency that comes in the workings of American private enterprise. Time is of the essence to resolve this short-term crisis, so why slow the progress in creating a redundant solution? If an immediate solution may be available to bypass this development & implementation process, and speed the infusion of financial aid to the American business world, shouldn’t everything be considered?

SOLUTION

The Federal Government needs to take immediate action to amend all commercial property insurance policies currently in force to invoke automatic coverage for Business Interruption caused by or related to COVID-19. In lieu of creating a new government run entity, the creation of a public/private joint venture with the insurance industry could be implemented immediately. The Federal government would only need to set up the reimbursement mechanism to the individual insurance carriers to facilitate the government aid benefits. A similar mechanism exists through the public/private partnership that created the Terrorism Risk Insurance Act (TRIA). Earlier this year, ISO created a new endorsement (Limited Coverage for Certain Civil Authority Orders Relating to Coronavirus) that addresses the specific exposure and this form could be utilized to create coverage and define a time and aggregate benefit certainty.

BENEFIT

Instead of implementing a new government entity to funnel financial aid to the business community, existing insurance “claim” mechanisms would be utilized – which are immediately available – to speed relief in the form of reimbursements to appropriately
affected businesses. The businesses in turn would be able to maintain operations and payroll, reducing at least one uncertainty in these troubling times.

CONDUIT

IAG is available and prepared to help with the technical approach to creating this alternative. It is reasonable to presume that insurance industry support groups could help to move this alternative solution forward to decisions makers in local, state and federal government positions of responsibility.

CONCLUSION

The insurance industry can’t bear the burden of such an enormous potential loss. The government can’t afford to allow small businesses to fail, jeopardizing the employment of millions of Americans. The solution is simple, and the mechanisms already exist. The
federal government and the insurance industry need to work together to deliver relief to
small businesses utilizing the federal government’s financial resources, combined with
the insurance industry’s existing claims handling mechanisms.

You can learn more at www.iagins.com.

 


Tags:  Commentary  COVID-19 Insurance solution  Infinity Insurance Group (IAG)  James G. Brakke  John G. Kookootsedes  Mark D. Walling  PIA Western Alliance  Weekly Industry News 

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Insurance Industry Employment — Still Steady

Posted By Gary Wolcott, Tuesday, April 21, 2020



Insurance industry employment is holding its own — at least for now. The figures quoted in this story are from February. Social distancing started in earnest in March. However, many insurance industry employees are able to work remotely so a decline in employment probably won’t be as large in the insurance industry when the April statistics are released.

The estimated number of unemployed at the time this story is written on Monday, April 20th, is 22 million. That’s 13.5% of the U.S. workforce and the highest number of unemployed Americans since the Great Depression of the 1930s.

That said, the insurance talent service provider Jacobson said the February statistics looked good. From January of this year to the end of February industry unemployment dropped from 2.6% to 1%.

And it remained at 1% through the end of March.

Here are more statistics from the Jacobson employment release:

    * Part of the reason for good numbers is carriers adding 5,500 jobs
    * P&C employment rose 2.7% and wages rose 0.4%
    * Agent & broker employment rose by 2.4% and wages rose 7.3%
    * Third Party Administrator employment fell by 0.6% but wages went up 5.2%
    * Reinsurance employment dropped 0.7% but wages rose 3.7%
    * Claims employment fell 8.2% but weekly wages jumped 20.4%
    
In its news release on the matter, Jacobson said the bad news is that the Bureau of Labor Statistics survey — which these figures are based upon — was done prior to the spike in COVID-19 cases.

“It’s likely next month’s report will reflect the impact of COVID-19 and other economic headwinds,” Jacobson said. “By remaining informed and agile, with comprehensive talent strategies in place, insurers will be best prepared during these times of uncertainty.”

Source link: PropertyCasualty360.com — https://www.propertycasualty360.com/2020/04/15/insurance-employment-remains-steady-as-economy-faces-uncertainty/?kw=Insurance%20employment%20remains%20steady%20as%20economy%20faces%20uncertainty&utm_source=email&utm_medium=enl&utm_campaign=dailynews&utm_content=20200415&utm_term=pc360&enlcmp=nltrplt2

Insurance Industry Employment — Still Steady

Insurance industry employment is holding its own — at least for now. The figures quoted in this story are from February. Social distancing started in earnest in March. However, many insurance industry employees are able to work remotely so a decline in employment probably won’t be as large in the insurance industry when the April statistics are released.

The estimated number of unemployed at the time this story is written on Monday, April 20th, is 22 million. That’s 13.5% of the U.S. workforce and the highest number of unemployed Americans since the Great Depression of the 1930s.

That said, the insurance talent service provider Jacobson said the February statistics looked good. From January of this year to the end of February industry unemployment dropped from 2.6% to 1%.

And it remained at 1% through the end of March.

Here are more statistics from the Jacobson employment release:

    * Part of the reason for good numbers is carriers adding 5,500 jobs
    * P&C employment rose 2.7% and wages rose 0.4%
    * Agent & broker employment rose by 2.4% and wages rose 7.3%
    * Third Party Administrator employment fell by 0.6% but wages went up 5.2%
    * Reinsurance employment dropped 0.7% but wages rose 3.7%
    * Claims employment fell 8.2% but weekly wages jumped 20.4%
    
In its news release on the matter, Jacobson said the bad news is that the Bureau of Labor Statistics survey — which these figures are based upon — was done prior to the spike in COVID-19 cases.

“It’s likely next month’s report will reflect the impact of COVID-19 and other economic headwinds,” Jacobson said. “By remaining informed and agile, with comprehensive talent strategies in place, insurers will be best prepared during these times of uncertainty.”

Source link: PropertyCasualty360.com


Tags:  Bureau of Labor Statistics  claims adjuster employment  insurance agent employment  insurance carrier employment  Insurance company employment  Insurance employment  Jacobson  reinsurance employment  Third party administrator employment 

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Movement about the U.S. — Part 3: Where People are Going to Find Jobs

Posted By Administration, Tuesday, April 21, 2020



For the last couple of weeks Weekly Industry News has been looking at the movement of people around the United States. The statistics for where people are moving to in the United States and where they’ve moved from come from United Van Lines.

The company moves 110,000 families a year. This week we look at the part of the United Van Lines survey that tells us where people are moving for jobs. Only one PIA Western Alliance state is in the top-nine states where people are going for employment. That state is California.

Here are the top-five:

1. Nebraska: Forbes Magazine ranks Nebraska as one of its top-five best states for business. Low business costs and a regulatory climate that is business friendly are the two top reasons. Plus, the unemployment rate is the second lowest in the nation and it has been the second lowest for the last five-years.

Omaha, Nebraska is the home of insurers Berkshire Hathaway and Mutual of Omaha.

2. Louisiana: Two things stand out. Very low energy prices and the Port of South Louisiana is the busiest, and has the largest tonnage of any port district in the Western Hemisphere.

Oh, and business costs are 11% below the national average.

The negative about Louisiana is a very high crime rate and very low test scores for kids in Louisiana schools.

3. Oklahoma: A booming economy for sure. Energy is the state’s top industry and oil tops its energy list and energy costs 25% below the national average are a boon to business. Even better, taxes for businesses are among the lowest in the nation.

4. West Virginia: The good news for West Virginia is a very low corporate net income tax rate of 6.5%. It fell to that figure from 9% in 2007. Coal is the top industry and is number-two in the country just behind top-producer Wyoming. The negative of West Virginia is an uneducated populace. Just 20% of those under age 25 have college degrees. Also the Institute for Legal Reform says the legal climate for business the worst in the country.

5. Iowa: The state has done a very good job of moving from a mostly agriculture economy to one that is more diversified. Iowa now has lots of manufacturing, food processing, biotechnology and financial services to offset dependence on farming.

For financial services Des Moines has big employers like Wells Fargo and Principal Financial.

All businesses like the state’s friendly nature with business costs 11% below the national average.

The rest:

6. Rhode Island
7. Virginia
8. Georgia

The PIA Western Alliance state of California is number 9:

California’s $3.1 trillion economy is the fifth largest in the world and it accounts for 15% of the U.S. economy. Home prices are the highest in the country at an average of $592,000. Another plus, $58 billion in venture capital has been pumped into the state’s economy in the last two-years.

That is four-times the total of the amount of money poured into other states.

Source link: Forbes


Tags:  Movement about the US  United Van Lines  Where people are finding jobs 

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