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Louisiana Insurance Commissioner, Tim Temple, hosted dozens of insurance brokers today at the Department of Insurance building in Baton Rouge.

The conversation was heavily focused on Property & Casualty insurance. It’s a complicated problem and doesn’t have a quick fix. Ultimately, we need more insurance companies to create a more competitive market which will drive down insurance prices.

“There’s no law that says insurance companies have to do business in Louisiana. They have to want to.” said Temple.

Insurance Reform was a primary focus of this year’s legislative session and laws have been passed that will have a positive future impact. The main fixes include:

• Tax incentives for insurance companies willing to write insurance policies in high-risk areas, and a state-backed catastrophe fund to help manage the financial burden of large-scale natural disasters.

• Simplifying and expediting the licensing and approval process for insurance companies to do business in LA.

• Enhanced building codes to reduce property damage during natural disasters and approving mitigation grants for homeowners and businesses to make these improvements.

• Reinsurance programs and risk pools that will spread the risk of large claims to help insurance companies manage financial burdens and losses.

• Improved data analytics and claims processing to increase efficiency of the insurance system.

• Disaster preparedness and response measures to ensure effective responses and support during and after natural disasters.
There were also insurance transparency requirements and consumer education programs created to inform and protect consumers.

Temple also made progress with Louisiana's auto insurance problem, where Louisiana has the highest rates in the nation. He says the rates have more to do with frivolous lawsuits than uninsured motorists. Legislation was passed to create a more favorable legal environment for insurance companies which should in turn reduce auto rates over time.

When questioned on health insurance Temple expressed that with BCBS having over 80% of Louisiana’s health insurance market, it’s difficult for other insurance companies to break into the market. Health Insurance has turned into more of a national problem, but there are things we can do to make a difference in Louisiana.

We left feeling confident that Temple is for the people of Louisiana and has the experience, knowledge, and plan to make a difference.