In a sign that Louisiana’s insurance crisis may be easing. The state has earned its highest grade and rank since 2013 on the R Street Institute’s Insurance Regulation Report. Insurance Commissioner Tim Temple says the state has received D and F grades every year since 2013, but this year Louisiana received “C” grade.
“I won’t say that I’m immensely proud of the C, but I am immensely proud of the fact that we are moving upwards on the ranking,” Temple said.
Temple and the report credited reforms to the process for rate changes as well as the ongoing Louisiana Fortify Homes Program. The program helps to provide fortified roofs for Louisiana homeowners, limiting insurance claims.
” Fortified roofs are good for everybody. They’re good for the consumer. They’re good for the insurance company. They’re good for the community and for the resiliencies,” Temple said.
In addition to showing that the state is trending in the right direction, Temple says the grade can influence insurance companies in the future.
“I’m not going to say it’s a major tool and decisions that they make when they’re looking to deploy additional capital or maybe looking into a market to expand into, but it is something that they do consider,” Temple said.
“A success story that emerged in our most recent Insurance Regulation Report Card is Louisiana,” said Jerry Theodorou, who authors the report and serves as Director of R Street’s Finance, Insurance and Trade Policy Program.
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