Louisiana drivers who have Farm Bureau auto insurance could be in for a decrease in insurance premiums when their policies are up for renewal.
Insurance Commissioner Tim Temple has approved its request for a nearly 12 percent rate decrease, effective the first of the year. Temple says it’s in part a direct result of the work of the legislature earlier this year.
“They are the first that has indicated to me, that part of the rate decrease is because of the insurance reform legislation that was passed in the 2025 session,” Temple said.
Temple says the other reason is that Farm Bureau indicated that its losses from this past fiscal year came in less than what it had forecast. In all, he says Louisiana is becoming a more attractive state for insurance companies to do business.
“When we pay attention and take care of our business to make Louisiana a more attractive state, free markets will respond accordingly and appropriately,” Temple said.
Farm Bureau has also notified the Department of Insurance that it has started writing more wind and hail coverage for homeowners across the state. Temple says that’s because the legislature modified the three-year rule in the 2024 legislative session.
“This gives them the flexibility to write policies in areas where they traditionally would not have wanted to write, or been willing to write, due to the inability of the three-year rule to allow them to manage their portfolio,” Temple explained.