Recent polls show that Louisiana's insurance crisis is the most important issues on voters' minds as the state's new government prepares for its first regular legislative session. Louisiana's new insurance commissioner says reforming the state's insurance industry is vital to protecting the state economy.
"When you're the most expensive for insurance, that means when you move to any other state in America, you're saving yourself money," Insurance Commissioner Tim Temple told WWL's Newell Normand. "There was a gentleman I was talking to who has a trucking business in Northwest Louisiana. He purchased it last year, and he's had to relocate it to Texas because his insurance rates on his trucks--his commercial trucks--went down by half."
Temple says he's heard similar stories from other Louisiana residents and business owners who told him that they cannot afford to live in Louisiana because of the state's exorbitant auto, homeowners, and business insurance rates. In addition, Temple says the state's insurance prices are keeping people and businesses from relocating to the Pelican State.
"People are leaving their homes, leaving their jobs (and) selling them, which is also creating a big issue because people can buy the house, but they can't afford the insurance on the house," Temple said. "That's just the harsh reality of where we are."
Temple said he's still working on the specifics of the legislative package he'll propose.
"We're creating what I'm going to call a collaborative package of bills," Temple said. "I am still actively engaged with talking with the governor's office, talking with the legislative leadership and individual legislators, as well as industry and consumer advocacy groups."
Temple says he expects to roll out his proposals later this month.
