Insurance rates have plenty of Louisiana residents stressed.
In speaking to WWL’s Tommy Tucker, Louisiana State Representative Peter Egan said he understands that change (quick change) is necessary.
“If we don’t listen to what people want at this point in time, which at this point is insurance reform. If we don’t hear that, act upon that, and get results on that, I do believe that they’ll be looking for a new crop of politicians,” emphasized Egan.
Egan does believe that some of the necessary reforms have been put into place to eventually lower rates across the state. However, he warns that it will take some time (and the good luck of not getting hit with another major storm this hurricane season) for rates to go down.
“I believe we are pursuing an agenda that will move the state to be more competitive with our neighboring states, who have taken steps ahead of us," says Egan. "The primary antecedents have been put into place, and we will anticipate seeing a great reduction in homeowners’ insurance over the next couple of years, barring another tragic weather event."
Egan says that addressing auto insurance is paramount now that steps have been made to address the rates of homeowners’ insurance. “The thing that creates better insurance outcomes for citizens is competition among insurers. Right now, ten insurance companies have filled out the paperwork to apply to write homeowners’ insurance in the state. That’s a tremendous potential boost,” adds Egan.
The trucking industry, in particular, has been greatly impacted, according to Egan. "We're way out of control with auto insurance. Many trucking companies have either gone out of business or had to leave the state because they cannot afford the level of auto insurance needed in Louisiana," he goes on to say.
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