Tens of thousands of Louisiana homeowners are facing huge increases in insurance costs, after the 2020 and 2021 hurricane seasons led to companies not renewing their policies, or some just going out of business. The state insurance commissioner this week will be discussing it with leaders of the international insurance industry.
Commissioner Jim Donelon will be meeting with some of the largest REinsurers in the industry to talk about the conditions in Louisiana, "to convince them that we have taken proactive steps to improve the viability of our insurance market."
Donelon says he wants to reassure reinsurance executives that the insurance crisis Florida is about to face, thanks to Hurricane Ian, is due to issues unique to Florida, and not an indicator of increased risk on Louisiana's Gulf coast.
"Know that our market is not as bad off and as unfriendly to insurers as the Florida market," said Donelon.
Donelon says the Louisiana legislature has already taken steps to strengthen the insurance industry in Louisiana, and says they will be working on more plans to incentivize the selling of more homeowners policies here in the Pelican State.