Heat olive oil in a large Dutch oven over medium-high heat. Add chopped onion, chopped bell pepper, minced garlic, and sausage; sauté 5 minutes or until vegetables are tender.
Add rice and the next 7 ingredients (through bay leaf); cook 2 minutes. Add broth, water, tomato paste, hot pepper sauce, and diced tomatoes; bring to a boil. Cover, reduce heat, and simmer 20 minutes. Add shrimp; cook 5 minutes. Let stand 5 minutes. Discard bay leaf. Stir in parsley.