Tim Temple, Insurance Commissioner
Following Hurricanes Helene and Milton, Louisiana’s insurance outlook remains stable, with officials maintaining a positive stance. Initially, homeowners were reassured not to worry, and this sentiment continues. Louisiana Insurance Commissioner Tim Temple describes the situation as “manageable,” saying that the storms’ impact falls below the catastrophic level seen in hurricanes like Ian in 2022.
“Just look at Florida, and after they had Ian a couple of years ago. You know that was a $65-billion loss. Looks like Helene and Milton are going to come in less than half of that.”
Temple emphasized that while Louisiana has largely escaped significant damage this season, the global nature of reinsurance must be considered. This means that events worldwide could still influence local insurance rates.
“Globally it looks like catastrophic losses are coming in lower than forecast, but again we’re not out of this year yet.”
The state has only faced one major storm, and Temple is optimistic that the remainder of the season may pass with minimal disruption. However, he advises caution, as the global market for reinsurance affects rates in Louisiana.
“It looks like we’re trending in the right direction so that reinsurance isn’t going to be a major factor, but we got to hold out and see what the next two months bring.”
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