“Band-aid would be generous. It was a band-aid at best,” said incoming Louisiana Insurance Commissioner Tim Temple this week of insurance incentives offered in Louisiana. “And all it did was give taxpayer money to for profit companies.”
Temple – who ran uncontested – plans to create some changes in the state’s insurance landscape when he takes office in January. He hopes these changes will address some of the underlying conditions making insurance so expensive for Louisiana property owners.
“Until we address that, I don’t expect market conditions to improve,” he said.
Based on his own experience with Louisiana insurance, Normand said he doesn’t think even a five-year respite from hurricanes in the region would do much to alleviate the state’s insurance problems. Temple agreed, and said improvement would be marginal.
As it stands, tens of thousands of people are struggling to pay for the cost of their insurance in the state. Temple believes leaning into a “free market” approach could be the key to making things better, along with weakening something known as the “three-year rule.”
“A safety net that you can’t afford is not a safety net,” Temple said. “That’s one of the things that I want.”
He’s already started up conversations with legislators and stakeholders ahead of his new position. Current Commissioner James Donelon is retiring next year.
“I’m looking forward to it,” said Temple of the work ahead. Listen to his full conversation with Normand here to learn more.
