RECORDING: What's Next for Oil & Gas?
LOUISIANA REALTORS • April 22, 2020
A recent survey conducted by the Louisiana Oil and Gas Association (LOGA) reveals the COVID-19 pandemic and increased oil production by foreign countries could be fatal for the oil and gas industry in Louisiana and the thousands of jobs it creates across the state. The devastation of the oil and gas industry in Louisiana could significantly decrease the demand for residential and commercial real estate and prove fatal for the real estate industry.
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COVID-19, Stay at Home orders, supply and demand completely out of balance - and now the market crash of April 20, 2020, where oil prices closed in the negative, for the first time ever, at nearly -$40.
Louisiana REALTORS has joined with LOGA, LABI, and others to bring you another informative webinar talking about some important issues during this crisis.
We are waiting for the link to access the video recording and it will be posted once available. For now you can download a copy of the presentation using the link above.
From the Louisiana Department of Insurance: Insurance Commissioner Tim Temple announced today that the Louisiana Department of Insurance (LDI) continues its work to develop a regulation creating benchmark discounts for Fortified roofs in Louisiana. The LDI is working with the National Association of Insurance Commissioners (NAIC) to develop the benchmark discounts using Louisiana-specific data, hurricane modeling and actuarial considerations. “With over 11,000 Fortified roofs in Louisiana and two years-worth of insurer experience with rating for those roofs in our state, now is an appropriate time for the LDI to establish benchmark discounts for homeowners insurance companies operating in our market,” said Commissioner Temple. “These benchmarks are being thoughtfully developed to help consumers receive the discounts they deserve for fortifying their homes while making sure insurers know the benchmarks reflect how much Fortified roofs actually mitigate their exposure to risk across Louisiana.” Like in Alabama’s Fortified benchmark discount structure, the LDI regulation would require Louisiana insurance companies to either meet the minimum benchmark discount established by the LDI or provide actuarial justification for why the company’s discount does not meet the benchmark. Louisiana is the fastest growing state for Fortified roofs in America. To date, over 11,000 Fortified roofs have been installed in Louisiana, including over 4,100 through the Louisiana Fortify Homes Program.
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