Getting your Trinity Audio player ready...

By Carie Kleland

State Representative John Wyble and Senator Beth Mizell joined newly appointed Louisiana Insurance Commissioner Tim Temple for a town hall meeting at the Franklinton fairgrounds on Tuesday, Oct. 15, to discuss the state’s ongoing insurance crisis. The meeting focused on Louisiana’s high property and auto insurance rates.

Commissioner Temple addressed recent legislation, industry trends, and the Fortified Roof Program. He emphasized Louisiana’s challenges with high insurance costs, particularly for auto insurance.

“Louisiana drivers are slightly above average for frequency [of claims] but nowhere near enough to justify paying the highest rates in the country,” Temple said. He added that the state is “twice as likely to claim bodily injury and 2.3 times more likely to litigate than the national average.”

Temple noted that Louisiana’s insurance market has historically been difficult for companies. Still, he expressed optimism that new legislation will attract more insurers to the state, which could lead to lower rates. “When more companies compete for your business, it will help lower rates,” he said.

The commissioner also highlighted the Fortified Roof Program, which provides $10,000 in grants to qualifying homeowners for roof upgrades. In a recent round, the program received 11,718 applications and awarded 300 grants. With $15 million still available, Temple said another round of grants is expected before the end of the year. Homeowners who do not receive a grant can take advantage of a $5,000 tax credit for installing a fortified roof. Temple hopes to see legislation passed to increase the credit to $10,000 to match the grant amount.

Temple concluded the meeting by stressing the importance of transparency in the insurance industry. “We want complete transparency on how insurance companies make money, lose money, and what they do with it,” he said.