10.515.24 – WDSU –MANDEVILLE, La.
Louisiana’s Insurance Commissioner said he’s still fighting to make the state’s insurance market more competitive and stable
Tuesday, the commissioner held a town hall at Fountainbleu High School in Mandeville.
Mandeville resident Arlene Rome says insurance in Louisiana needs to be more competitive.
“You have to make it attractive that people will come to our state to sell insurance. If they don’t want to come, then there’s nothing we can do,” said Rome.
Tuesday, the state’s Insurance Commissioner Tim Temple addressed what he called an insurance crisis. Temple admitted during the townhall, the state has one of the highest insurance rates in the country, saying Louisianans spend about 7% of their annual salary on insurance alone.
“We’re doing everything that we can control in the state of Louisiana to help mitigate that,” said Temple.
He said, he’s trying to make the insurance market more competitive while touting insurance reform that passed during the regular session. Temple added that reform is designed to address issues that would inhibit insurance companies from wanting to come and do business.
“We got to make sure companies have a competitive market, atmosphere where they can be competitive, while at the same time handling claims and have the money to pay claims,” said Temple.
According to Mandeville resident Chriss Cazayoux, his home insurance is now eight times more than it was 17 years ago when he built it.
“It makes me very uneasy. I’m not a young man I’m headed toward retirement. If I’m going to take a capital loss because I’m being priced out of a house and my real estate value going backwards, it’s a problem,” said Cazayoux.
He said the cost of insurance could force him to move away, but he’s hopeful he won’t have to make that choice.
“I do believe people who are selfless servants can get us out of this,” said Cazayoux.